- media@moneyinfocus.news
UK natural gas futures climbed 6% to 117 pence per therm, reaching their highest level in four weeks, as renewed geopolitical tensions in the Middle East heightened concerns over global energy supply.
The move comes as a fragile ceasefire between the United States and Iran shows signs of strain, following reported exchanges of fire in the Strait of Hormuz—a critical chokepoint for global energy flows.
According to official statements, the U.S. said it collided with seven Iranian fast boats in the strait and rejected Tehran’s claim that it had struck American warships.
Meanwhile, the United Arab Emirates reported intercepting multiple Iranian drones and missiles. A fire was also reported in Fujairah following an attack, marking the first incident linked to Iran since the ceasefire established in early April.
Since the onset of the conflict, UK gasoline prices have surged more than 50%, reflecting tighter supply conditions and increased competition for cargoes. However, prices have eased from earlier peaks, partly due to weaker demand from Asian buyers.
The renewed tensions have reinforced the sensitivity of energy markets to geopolitical developments, particularly in regions central to global oil and gas transit routes.
Weather forecasts for May across Europe point to heightened volatility, with alternating storm systems and warmer periods expected to drive fluctuations in energy demand.
The combination of geopolitical risk and variable weather patterns is likely to keep natural gas markets reactive in the near term, as traders monitor both supply disruptions and consumption trends.
