European natural gas prices have surged to their highest level in five months, tracking a rise in crude oil as prospects for resumed energy shipments through the Strait of Hormuz remain bleak.

The benchmark gas futures contract climbed as much as 3.5%, breaking through the €65 per megawatt-hour threshold for the first time since March, intensifying concerns about Europe's ability to replenish gas inventories ahead of the winter season.

U.S. President Donald Trump's announcement of an economic war against Iran has underscored the persistence of regional tensions, pushing oil prices higher and lifting natural gas prices in tandem.

By 1:37 p.m. in Amsterdam, the Dutch front-month futures contract—the European benchmark—was trading 3.1% higher at €65.37 per megawatt-hour.

With parts of Europe still in the summer holiday period, market activity has been relatively thin in recent sessions, contributing to sharper price fluctuations.

Where to Begin

Traders are now closely monitoring geopolitical developments in the Middle East, as any further escalation could exert additional upward pressure on energy prices across the continent.

The combination of low seasonal liquidity and persistent supply-side uncertainties has created a volatile trading environment, with market participants bracing for potential disruptions to global energy flows.

Why Only a Few Key Benchmarks Matter

The Dutch TTF contract remains the primary reference point for European gas pricing, making it the focal indicator for investors assessing the region's energy security outlook.

As the winter season approaches, the pace of inventory builds will be crucial in determining whether Europe can navigate the coming months without significant supply shortfalls.