European natural gas futures have climbed above €59 per megawatt-hour, with the September contract on Amsterdam's TTF hub rising more than 6.5% as supply pressures mount from two fronts. Prices later pushed toward €61.30 per MWh, a gain of over 10%, after Iran declared it would reopen the Strait of Hormuz only if the United States lifts sanctions, pays reparations, and meets further conditions.
The blockade of the strait, where military confrontations between the U.S. and Iran have persisted since late February, has compounded supply concerns alongside extended maintenance at Norway's Gullfaks field, reducing flows by at least 5 million cubic metres daily through 17 August. European Union gas storage stood at roughly 59% capacity as of 10 August, with some estimates placing levels near the lowest for the period since 2011.
The International Energy Agency warned in July that any further delay in resuming Gulf gas exports would prolong tight supplies. Brent crude also gained, rising 2.15% to $85.35 a barrel.