European gas prices fall as Qatar resumes LNG shipments through Strait of Hormuz
European natural gas prices fell more than 1% on Thursday after the first Qatari liquefied natural gas (LNG) tanker in more than three weeks passed through the Strait of Hormuz, raising hopes that exports are gradually resuming following disruptions caused by the Iran-US conflict.
The LNG carrier Al Areesh, loaded at Qatar's Ras Laffan export terminal, entered the Gulf of Oman and is bound for Pakistan, according to shipping data. The August European gas contract fell below €60 per megawatt-hour, trading at €59.8.
The transit signals a gradual recovery in QatarEnergy's LNG exports after shipments were suspended when the carrier Al Rekayyat was struck earlier this month. The state-owned producer had declared force majeure after Iran closed the Strait of Hormuz to commercial shipping, disrupting exports through one of the world's busiest energy routes.
During the disruption, QatarEnergy purchased 33 spot LNG cargoes from the United States to help meet customer demand across Asia.
Despite easing gas prices, oil prices rose by more than 1%, with Brent crude climbing above $92 a barrel and US benchmark WTI reaching about $85, as regional tensions remained high.
The gains followed a new wave of US strikes on targets in southern Iran. Separately, Iran's Islamic Revolutionary Guard Corps (IRGC) claimed two oil tankers attempting to transit the Strait of Hormuz via an unauthorized route were forced to turn back after a fire broke out aboard one of the vessels, while warning against foreign interference in the strategic waterway.
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