European natural gas prices are on the rise amid reports that the U.S. and Iran are again exchanging missile strikes.
With few signs that the Strait of Hormuz waterway will open to commercial oil and gas shipments any time soon, natural gas prices are marching higher.
The benchmark European natural gas price was up by 4% on May 29 and trading at 48.200 euros per megawatt hour, according to market data.
British natural gas prices were also up 4% at 117.50 pence per thermal unit.
Gas prices are climbing higher after the U.S. military struck targets near the Iranian city of Bandar Abbas, drawing retaliation from Iran.
Iran's government said it struck a U.S. military base in Kuwait as retaliation for the Bandar Abbas attacks.
The attacks mark a potential resumption in hostilities between the U.S. and Iran, raising fears of prolonged disruptions of crude oil and natural gas shipments out of the Middle East.
The latest skirmishes come after U.S. President Donald Trump dismissed a report that Iran and Oman will co-manage shipping through the Strait of Hormuz under a deal to permanently end the war.
The Strait of Hormuz, where 20% of the world's crude oil is shipped, remains closed to tanker traffic, denting global supplies of natural gas and putting upward pressure on energy prices.
Brent crude oil, the international standard, is currently trading at $92.23 U.S. per barrel.
COMTEX_482410618/2797/2026-05-29T11:42:37