Escalating Clashes Between the US and Iran Raise Concerns Over Strait Blockade, European Natural Gas Prices Surge for Three Consecutive Days to Highest Level Since 2023

```html(1) As renewed clashes between the US and Iran occur, market concerns over prolonged disruption of energy transportation through the Strait of Hormuz are increasing. The European natural gas benchmark—the Dutch front-month futures—rose as much as 4.3% on Wednesday, reaching €75.33 per megawatt-hour (equivalent to $25.61 per million British thermal units), marking a new intraday high since January 2023. The October contract has already surged more than 10% in a single week.(2) Hopes for the resumption of shipping through the strait remain slim: the US launched strikes against Iran for a second consecutive day, and President Trump played down the possibility of an agreement to end the conflict.(3) Within hours, Iran launched retaliatory attacks on Jordan, Bahrain, and Kuwait (all host US military bases), further increasing the geopolitical risk premium.```