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The ongoing tensions in the Iran conflict are driving up energy prices in Europe. On Monday, gas prices were also significantly higher than at the end of last week.(symbolic image)
Keystone
The price of European natural gas has risen significantly following Iran's withdrawal of the opening of the Strait of Hormuz. Hopes of an imminent peaceful solution in the Middle East have also faded on the commodity markets at the start of the new week.
On the Amsterdam stock exchange, the price of the trend-setting natural gas futures contract TTF for delivery in one month rose by almost six percent to EUR 41.02 per megawatt hour (MWh).
At the weekend, Iran reversed the announced opening of the Strait of Hormuz. Tehran is taking military action against ships there. The US naval blockade in the Strait of Hormuz was the main source of tension: the US navy attacked an Iranian freighter on Sunday and brought it under its control. Iran's military accused the USA of "armed sea piracy" and announced a response.
The Iran war and the de facto blockade of important trade routes from the production areas in the Persian Gulf through the Strait of Hormuz drove the price of gas up to 74 euros per megawatt hour at times in March. Before the start of the Iran war, the price was around 31 euros.
20.04.2026, 09:23
20.04.2026, 10:16
