European natural gas futures extended gains in after-hours trading on Wednesday, driven by escalating geopolitical tensions after US President Donald Trump signaled a prolonged blockade against Iran and warned Tehran to "get smart soon" in a social media post.
The front-month Dutch TTF contract climbed 8.96% to 47.50 euros ($55.53) per megawatt hour, while the UK NBP advanced 8.385% to 117.50 British pence ($1.59) per therm.
The large price jump was attributable to renewed supply concerns prompted by the Middle East conflicts, which led to the closure of the Strait of Hormuz and the dimming of peace prospects in the near term.
In a Truth Social post, Trump criticized Iran's handling of nuclear negotiations, saying Tehran has failed to move toward a deal. Talks between the two sides remain stalled.
Meanwhile, the Strait of Hormuz, a key artery for global energy markets that handles roughly one-fifth of global LNG flows, remained effectively closed for a ninth consecutive week. Only five vessels transited the waterway in the past 24 hours, according to data from the Hormuz Strait Monitor.
However, on Tuesday, an LNG tanker reportedly completed a transit through the strait for the first time since the conflict began, offering a tentative sign of limited movement.
Analysts warned that supply risks are compounding existing challenges in Europe's gas market. Daniel Hynes, an analyst at ANZ, said the region continues to face obstacles in refilling depleted gas storage ahead of next winter, as high LNG prices persist due to a global shortage brought on by the closure of the Strait.
European gas storage levels currently stand at 31.97% of capacity, according to Gas Infrastructure Europe, compared with nearly 39% at the same time last year.
Adding to demand pressures, weather forecasts point to falling temperatures across Eastern and Southeastern Europe in the coming days, driven by an Arctic cold air intrusion, Severe Weather Europe reported.