European natural gas jumps more than 29 percent in July; Goldman Sachs warns of a possible 130 percent surge

The price of Dutch TTF natural gas, Europe's benchmark, jumped amid the Strait of Hormuz crisis and Qatar's halt to its LNG output ramp-up, reaching around 54.5 euros per megawatt-hour, the highest in more than three months. Market data show the benchmark has risen more than 29 percent in July 2026, erasing a decline of over 14 percent in the spring quarter.

Qatar, the region's largest LNG exporter, halted its production increase and suspended maritime activity after one of its tankers was attacked near Hormuz. Goldman Sachs commodity analysts warned that if LNG flows through the Strait of Hormuz were fully halted for a month, TTF could approach about 74 euros per megawatt-hour, roughly 130 percent above end-of-week levels.

The channel to Iran is indirect: the same Hormuz disruption lifting European gas also chokes regional energy exports and hard-currency revenue.