UK Natural Gas Prices Rise

UK natural gas prices rose above 240 pence per therm on Tuesday, recovering some of the previous session’s losses as reports of a US strike on Iran’s Qeshm Island stirred fresh concerns over an escalation of the conflict.

Prices had tumbled more than 8% on Monday as diplomatic efforts to resolve the conflict eased fears of further supply disruptions.

President Trump on Monday hinted at progress in negotiations to prevent a renewed conflict, while Tehran said “intensive” exchanges were underway and offered to reopen the Strait of Hormuz under strict conditions.

Still, the market remained cautious as ongoing security risks in the Strait of Hormuz continue to threaten LNG shipments from the Persian Gulf.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →