European natural gas jumps on Hormuz crisis; Dutch contract tops 50 euros

Natural gas prices in Europe rose on Monday, 13 July 2026, as the Strait of Hormuz crisis intensified. The Dutch TTF front-month contract, Europe's main benchmark, gained about 3.5 percent to roughly 50.4 euros per megawatt-hour, again crossing the 50-euro mark.

The move was driven by Iran's declaration that the Strait of Hormuz was closed and Qatar's halt to maritime activity after attacks on tankers. Hormuz carries about one-fifth of the world's liquefied natural gas (LNG) trade, including the bulk of Qatar's exports. Goldman Sachs analysts have estimated that a full disruption could push European gas prices up by around 130 percent. The development matters for Iran's economy through the energy market and global oil prices.