Following the reported attack on a liquefied natural gas (LNG) carrier near the Strait of Hormuz, the European natural gas benchmark surged by more than 4.5%, reaching €46, or approximately $52.5, per megawatt-hour. Brent crude oil prices also rose by 1.2% to around $73 per barrel, marking their highest level in a week.
The Islamic Republic’s state television claimed that the Qatari vessel, which it described as U.S.-backed, was targeted after ignoring warnings. Islamic Republic officials have not yet claimed responsibility for the attack.
Meanwhile, foreign ministers of NATO member states are scheduled to meet on Tuesday on the sidelines of the alliance’s leadership summit with their counterparts from Bahrain, Kuwait, Qatar, and the United Arab Emirates to discuss the situation in the Strait of Hormuz and ways to secure maritime navigation along the route.
A central focus of the meeting is a proposal by France and the United Kingdom to establish a multinational maritime mission aimed at protecting the transit of commercial vessels, a plan that the Islamic Republic has previously opposed.
The meeting takes place against the backdrop of criticism from Donald Trump regarding the reluctance of certain NATO allies to contribute to the security of the Strait of Hormuz. A senior U.S. official also stated that protecting navigation in the waterway would be a primary topic of discussion among NATO leaders, though many allies within the coalition lack the naval capacity and equipment to participate effectively in such an operation.
