Middle East turmoil affecting LNG transportation as European natural gas prices continue to rise under threat of conflict in Iraq.

According to the Zhitong Finance and Economics APP, European natural gas prices rose on Tuesday, mainly due to traders continuing to price in the possibility of a significant escalation of military conflict between Israel and Iran, as well as Iran's potential blockade of the Strait of Hormuz leading to a sharp increase in global energy supply risks. Traders also expect European LNG prices to rise significantly. The European natural gas benchmark - TTF natural gas futures prices rose nearly 2% on Tuesday after a slight increase on the previous trading day.