European Natural Gas Prices Rebound Amid US-Iran Ceasefire Uncertainty, Hormuz Disruptions

(MENAFN- Nam News Network) ISTANBUL, April 9 (NNN-Bernama-Anadolu) - European natural gas prices rebounded on Thursday from sharp losses as Iranian media reports and renewed disruption in the Strait of Hormuz cast fresh doubt on a US-brokered ceasefire and rekindled concerns over global fuel supply, Anadolu Ajansi reported.

Natural gas traded on the Dutch TTF benchmark was up by 2.5 per cent to €46.3 (US$54) as of 0745GMT. The TTF index saw over €62 level last month, related to the closure of Hormuz and Iran's attacks on energy plants in the Gulf region.

Initially, on Wednesday, the gas prices had plunged 20 per cent to below €43 after the announcement of the ceasefire between Tehran and Washington, easing immediate concerns about supply disruptions in the Middle East.

Sentiment shifted after Tasnim News Agency, citing an informed source, reported that Iran could withdraw from the US-backed ceasefire if Israel continued what it described as violations in Lebanon. Iranian media also reported that oil tanker transit through the Strait of Hormuz had halted again following Israeli strikes on Lebanon, despite two tankers passing safely earlier after the ceasefire announcement.

On Thursday, Tasnim reported“huge numbers” of vessels were stuck in the strategic waterway. The report came hours after Iran's state broadcaster IRIB quoted the Ports and Maritime Organisation as saying vessels seeking to pass through the strait must coordinate with the Islamic Revolutionary Guard Corps Navy and use designated routes.

Also, an EU Commission spokesperson said Wednesday that the energy price crisis“will not be short-lived”, even as Iran moves to reopen the Strait of Hormuz following a ceasefire agreement. Anna-Kaisa Itkonen said the easing of immediate tensions in the key maritime corridor does not signal a quick return to stable energy markets.

- NNN-BERNAMA-ANADOLU

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