European natural gas prices rise 8% to €59.5 amid Hormuz uncertainty

September futures contracts at TTF, Europe’s highest-volume natural gas trading hub, traded at €59.5 per megawatt-hour. Uncertainty over shipments through the Strait of Hormuz, along with a heat wave and low natural gas inventories, contributed to the price increase.

Scraper SystemAugust 10, 2026, 06:21 PM

European natural gas prices rise 8% to €59.5 amid Hormuz uncertainty

September futures contracts at the Netherlands-based TTF, Europe’s highest-volume natural gas trading hub, opened at €56 per megawatt-hour.

Natural gas prices rose as high as €60.5 during the day and were trading at €59.5 per megawatt-hour at 17:10 Turkey time. The contracts had closed the previous day at €55.5.

Natural gas prices were therefore up 8% from the previous close.

Uncertainty over the Strait of Hormuz

Uncertainty over shipments through the Strait of Hormuz contributed to the rise in prices.

Iranian Foreign Ministry spokesperson Esmail Baghaei said the Strait of Hormuz would not be a safe transit route if the United States continued its current policy and naval blockade.

Demand and inventory pressures

The heat wave expected to affect Europe again this week is projected to increase electricity demand. Natural gas storage facilities across the continent being at historically low levels are also putting upward pressure on prices.

Source: Anadolu Ajansı

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European natural gas prices rise 8% to €59.5 amid Hormuz uncertainty

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European natural gas prices rise 8% to €59.5 amid Hormuz uncertainty

Stay Updated with The Turkiye Times

Uncertainty over the Strait of Hormuz

Demand and inventory pressures

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