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

Benchmark gas futures rose for the second consecutive day, recording an increase of 3.6%, according to Bloomberg news agency.

Solar energy becomes the largest source of electricity in the European Union

Trump said the United States would become the 'guardian' of the Strait of Hormuz, would reimpose a blockade on Iranian ships, and would impose a 20% fee on all other shipments in exchange for ensuring their safe passage through the strait.

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 its gas reserves before next winter, at a time when limited global supplies have become more expensive due to the recent escalation in the region.

Advertisement

Advertisement