European natural gas hits three-month high near €53 as Hormuz crisis deepens

European natural gas (the Dutch TTF futures contract) rose about 3% to near €53 per megawatt-hour on Tuesday, July 14, 2026, climbing to its highest level in more than three months and extending Monday's rally.

The main driver is Donald Trump's decision to resume the blockade of Iran's ports and the tension in the Strait of Hormuz. LNG exports from West Asia, which had only recently begun to recover after the interim Iran-US agreement in June, have stalled again with the renewed hostilities, heightening concerns over disruptions to Qatar's shipments. Europe is entering the season of refilling gas storage for winter and is therefore sensitive to a cut in the region's exports. For Iran, holder of one of the world's largest gas reserves, swings in global energy markets are an important gauge of the sanctions and demand backdrop.