European natural gas prices rose to their highest in three months after US President Donald Trump announced plans to impose fees on shipments crossing the Strait of Hormuz, raising new concerns about the recovery of energy supplies from the Middle East.

Benchmark gas futures rose for the second straight day, gaining 3.6 percent, according to Bloomberg News.

Trump said the US would become the 'guardian' of the Strait of Hormuz, reimpose a blockade on Iranian ships, and impose a 20 percent fee on all other shipments to guarantee their safe passage through the strait.

Related news

The war in the Middle East has already cut off a significant portion of global energy flows, including about a fifth of the world's liquefied natural gas supplies.

Europe faces the difficult task of refilling gas storage before next winter, as limited global supplies become more expensive due to the recent escalation in the region.