European Gas Jumps on Worries About Key LNG Route Navigation

European natural gas jumped as traders braced for a potential escalation in the Israel-Iran conflict and risks to navigation through the Strait of Hormuz energy chokepoint.

Benchmark futures settled at their highest levels since early April on Tuesday, as Israel and the US ratcheted up pressure on Iran. Qatar has asked liquefied natural gas vessels to wait outside the waterway until they’re ready to load amid rising tensions in the region, according to a person with direct knowledge of the matter.