European gas surges as U.S. strikes Iran’s Qeshm Island

European wholesale natural gas prices surged on Tuesday, erasing much of the previous session’s losses. According to Hellenic Shipping News, the benchmark Dutch Title Transfer Facility front-month contract jumped 4% as U.S. military strikes on Iran’s Qeshm Island and the breakdown of regional diplomatic talks raised fears of supply disruptions through the Strait of Hormuz.

President Donald Trump confirmed the strikes in an interview with Fox News, describing them as defensive and "minor" attacks aimed at an anti-aircraft facility that had just been completed. The strikes occurred late on Monday, the same day as U.S. midterm elections. While President Masoud Pezeshkian stated his government is trying to resolve the crisis through dialogue and that no one would benefit from a return to war, Iran's chief negotiator, Mohammad Bagher Ghalibaf, said the country was ready for battle.

Middle East Eye reports that Major General Mohsen Rezaei, head of Iran’s Supreme National Security Council, rejected a ceasefire proposal passed via Qatari negotiators, calling the U.S. response insufficient. Meanwhile, New Straits Times reports that deputy foreign minister Kazem Gharibabadi stated Iran retains the right to legitimate self-defence following the strikes.

Brief written by urgent.news from Hellenic Shipping News, Middle East Eye, Hindustan Times - World News, New Straits Times, Free Malaysia Today — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.