The supply difficulties in the Middle East keep natural gas prices in Europe high.

The serious supply disruption in the Middle East has intensified competition for LNG cargoes, leading to high natural gas prices in Europe. In early trading, the TTF benchmark price rose 2% to 55.34 euros per megawatt hour after hitting a three-year high in the previous trading day. Qatar has been forced to halt production at its Ras Laffan plant, and shipping through the Strait of Hormuz has been severely disrupted, sparking concerns about global supply. The Asian LNG market has reacted significantly; with over 80% of Gulf LNG supplies flowing to Asia, the price difference between JKM and TTF has exceeded $6 per million British thermal units. In contrast, the US natural gas market is largely unaffected, as the country is exporting LNG at full capacity and rising crude oil prices may boost natural gas production.