Due to ongoing uncertainty from the Middle East conflict continuing to disrupt energy markets, European natural gas prices have resumed their strongest rally in years. At the time of writing, the Dutch front-month futures, the European gas benchmark, rose 9.2% to €53.26 per megawatt-hour. On Thursday, the benchmark gas futures surged by as much as 13%. This followed a decline in futures contracts the previous day as markets assessed the feasibility of a U.S. plan aimed at ensuring the safe passage of tankers through the Strait of Hormuz, a plan which currently lacks detail. Traders are still digesting expectations of potential large-scale supply disruptions worldwide. The global energy market is being impacted by the conflict, now in its sixth day, with no resolution in sight in the short term. Trade disruptions have heightened concerns about a global energy crisis and triggered inflation fears. Persistent cold weather this winter has further depleted already low natural gas inventories, leaving the European gas market particularly vulnerable. This summer, Europe will need to purchase more liquefied natural gas to replenish stocks, but if gas supplies from the Middle East cannot reach the global market, Europe will face intense competition. Arne Lohmann Rasmussen, Chief Analyst at Global Risk Management, stated, "There is currently no solution in sight for reopening the strait, so concerns about insufficient LNG supplies are growing." Earlier this week, Qatar shut down the Ras Laffan plant, the world's largest LNG export facility, following an attack by Iranian drones, which sent European gas prices soaring to their highest point in three years. Tanker traffic through the Strait of Hormuz has almost completely stalled; this route typically accounts for about one-fifth of global LNG supply. Although Asian countries purchase the majority of LNG shipped from the Middle East, any prolonged supply disruption would narrow the pool of available supply, thereby pushing up global prices. Buyers have already begun scrambling to find alternatives: Taiwan has stated it has secured LNG supplies for April from regions outside the Middle East, and Thailand is also seeking additional sources.