European natural-gas prices surged over 5% on Tuesday as uncertainties over the Strait of Hormuz’s reopening heightened supply concerns ahead of winter. The benchmark Dutch TTF contract climbed 5.7% to 58.80 euros per megawatt-hour in afternoon trading. ANZ analysts noted that Europe is lagging in refilling storage facilities, with levels at 58% versus the typical 70% for the season.

Even if the strait reopens, shipping companies may require a prolonged period of calm to navigate the critical waterway, further pressuring market stability. The rally underscores growing anxiety over potential disruptions to global energy flows, particularly as winter approaches. ANZ analysts emphasized that 'even if the strait reopens, shipping companies will require a sustained period of calm before making the journey,' adding to the cautious sentiment.

Market participants are closely monitoring developments in the region, with gas prices remaining volatile amid geopolitical tensions and seasonal demand pressures.