The European reference for the price of natural gas, the TTF (Title Transfer Facility) contract negotiated in the Netherlands, rose more than 33% around 9:40 am (Mainland Portugal time), justified by the new wave of attacks in Iran.
Specifically, the price of natural gas in Europe rosearound 9:38 am, 33.2%, to 57.596 euros per megawatt-hour, an increase marked by new attacks against Iran carried out by Israel and the United States (USA) and by the threat of the Iranian Revolutionary Guard to attack any ship that crosses the Strait of Hormuz, strategic for the transport of gas and oil.
However, this raw material was traded at a value of 59,165 euros, which represents a increase of 36.8% compared to the 43.25 euros recorded at the close of the market on Monday.
As European stock exchanges also recorded heavy lossesalthough they opened with drops of between 1% and 2%. At 9:30 am, they lost between 2.3% and 3.5%, with Milan and Frankfurt being the most affected.
Along with the price of gas, the oil price is also risingmore than 5%, while that of gold falls slightlyafter starting the day with an increase of almost 0.3%.
A Iranian Revolutionary Guard confirmedthis Tuesday, a attack against one oil tanker allegedly linked to the United Statesin the Strait of Hormuz, .
The Strait of Hormuz is the main oil and gas transport route in the world. Any interruption in this pathway has an immediate impact on the global economy, according to the United States Energy Information Administration (EIA).
China is very worried
A China appealedthis Tuesday, to all parties involved in the war in the Middle East to guarantees the safety of navigation in the Strait of Hormuzwarning of the risk of impact on the world economy.
“China urges all involved parties to immediately cease military operations, avoid further escalation of tensions, maintain the security of shipping routes in the Strait of Hormuz and prevent the situation from having a wider impact on the global economy”, said the spokeswoman for the Ministry of Foreign Affairs Mao Ningat a regular press conference.
At the beginning of 2025, China was the main destination for oil that crosses that strategic route. In recent years, the country has also been the largest importer of Iranian crude oil, in a context of closer economic relations between Beijing and Tehran.
The statements come at a time of strong regional instability. The increased risk in the region has led several shipping companies to suspend or divert routes in the Strait of Hormuzfueling fears of disruptions in energy supplies and a further rise in crude oil prices.
Beijing next to Tehran
Beijing reiterated the need for an immediate ceasefire and return to dialogue, while underlining the importance of preserving the stability of global supply chains.
O Chinese diplomat chief also assured his Iranian counterpart of Beijing’s support for Iran’s sovereigntyin a telephone conversation that marks the first explicit show of support since the US and Israeli attacks.
