European natural gas prices have surged to their highest level since March, driven by renewed market anxiety over the outlook for Middle Eastern energy transport. This follows a proposal from US President Donald Trump to impose fees on vessels transiting the Strait of Hormuz.

The benchmark European gas futures contract rose for a second consecutive trading session, gaining as much as 4.8% intraday. President Trump stated that the US would become the "guardian" of the Strait of Hormuz, reinstating a blockade on Iranian vessels and imposing a 20% fee on all other cargo for safe passage. Analysts estimate that for a standard cargo of liquefied natural gas, this could translate to a fee of approximately $12 million to $15 million per transit.

Conflict in the Middle East has already disrupted a significant portion of energy shipments, including roughly one-fifth of the global LNG supply. Europe faces the formidable task of replenishing its natural gas storage before the onset of the next winter, and the recent escalation in hostilities has further increased the cost of the already limited global gas supply.

Simultaneously, Europe must compete with regions like Asia for LNG cargoes while also contending with additional pressure from heightened energy demand due to recent heatwaves.

As of 12:23 PM Amsterdam time, the benchmark Dutch front-month gas futures contract was up 4.7%, trading at €53.69 per megawatt-hour.