14/07/2026 – United States – Iran: Formal resumption of conflict notified to US Congress, gas prices hit highs since early April – Read more news

GAS & POWER: The escalation between the United States and Iran continues, with gas prices marking new highs since early May, well above the 50 €/MWh mark this morning. Yesterday, US President Trump announced the return of the naval blockade of Iranian ports and simultaneously promised American protection for the transit of commercial convoys in exchange for a payment of 20% of the accompanied cargo. The International Maritime Organization, on the other hand, reiterated the illegitimacy of any transit toll for Hormuz. During the night, new raids were recorded, involving commercial vessels, putting a significant brake on the effective navigation capacity in the area and simultaneously with the stable resumption of liquefaction activities within the Gulf.

OIL: Crude oil prices hit their highest levels in a month, rising 10% yesterday, the most significant change in Brent crude since May 2020. ADNOC reported overnight the attack on an oil tanker transiting the Strait of Hormuz, while overall ship transit hit its lowest level in two months. In the Red Sea, the Houthis have fired missiles at Saudi Arabia, raising the risk of escalation across the region.