Tensions in the Strait of Hormuz push up natural gas prices in Europe
While geopolitical risks in the Middle East and uncertainties in the Strait of Hormuz affect energy markets, prices for October futures contracts on the Netherlands-based TTF recorded a significant increase.
Geopolitical tensions rising again in the Middle East and transportation concerns in the Strait of Hormuz have caused natural gas prices in Europe to rise for the fourth consecutive week.
Weekly Increase in Markets
Natural gas prices in Europe ended the week with an increase, overshadowed by developments in the Middle East and uncertainties in the Strait of Hormuz. Concerns over energy supply security supported the upward trend in the markets.
The price per megawatt-hour for October futures contracts on the Netherlands-based TTF, which is accepted as the reference in Europe, experienced an increase of 6.12 percent compared to the previous week's close.
Historical Levels in Prices
Natural gas prices, which closed at 66.98 euros last Friday, reached the level of 71.08 euros in the later hours of the week. Natural gas prices exceeded 69 euros on Monday, seeing the highest level since January 2023.
Shipment Concerns and Storage Status
The environment of uncertainty regarding maritime transport around the Strait of Hormuz escalated concerns about liquefied natural gas shipments from Gulf countries to Europe.
According to Gas Infrastructure Europe data, the occupancy rate of natural gas storage facilities in European Union countries was measured at 65.85 percent, whereas last year this rate was recorded at 78.5 percent.
Bank Promotion Campaigns
In addition to market developments, details regarding retirement promotion and additional reward campaigns of various banks for the September 2026 period were also shared with the public.
Institutions such as Akbank, Albaraka Türk, DenizBank, Ziraat Bankası, Şekerbank, İş Bankası, Halkbank, VakıfBank, Garanti BBVA, and Türkiye Finans included promotion updates.