Attacks on ships have increased in the Strait of Hormuz, compounded by winter supply concerns, and European gas prices have remained near a two-week high. The price of the benchmark futures was close to €76 per megawatt hour, up 3% on the previous trading day. At a time when crude oil traffic in this critical waterway is close to pre-war levels, Iran has stepped up its attacks on oil tankers in the strait, and crude oil futures are also rising. Despite a slight recovery in recent weeks, the flow of liquefied natural gas through the Strait of Hormuz is still low. Another natural gas carrier was recently attacked near the strait, further fueling supply concerns. Before the war in Iran broke out, about one-fifth of the world's liquefied natural gas was transported through the Strait of Hormuz. Continued channel disturbances will trigger fierce competition among global natural gas buyers.

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