FX.co ★ European Gas Prices Set to Jump

European natural gas futures are set to surge on Monday after President Donald Trump announced a naval blockade of the Strait of Hormuz, amplifying fears of a deeper global supply crunch. The US military plans to implement the blockade at 10 a.m. Eastern Time, following failed weekend talks with Iran to resolve the six-week conflict. While most Middle Eastern gas exports are typically destined for Asian markets, any sustained disruption in the Strait would intensify competition among global importers—particularly as Europe moves into a crucial phase of refilling gas storage ahead of winter. Tensions have already halted LNG traffic through the waterway for more than a month, including the shutdown of Qatar’s massive liquefied natural gas complex, the largest such facility in the world.