Dutch power softens marginally while gas firms on renewed hormuz tanker attacks

Gas
TTF day-ahead prices firmed in Week 28, averaging €47.3/MWh against €43.2/MWh in the prior week, an increase of €4.1/MWh. The bullish move was driven primarily by a sharp renewal of geopolitical risk in the Strait of Hormuz, which reignited supply concerns despite the formal reopening under the US–Iran interim deal. On 7 July, the Qatari LNG tanker Al Rekayyat was struck by a projectile on its port side while sailing along the Omani side of the Strait, triggering an engine-room fire that put the vessel at risk of exploding and forcing an evacuation of its crew, while a Saudi-flagged crude tanker was damaged in a separate incident the same day. Qatar held Iran fully legally responsible for the attack. The strikes underscored the persistent risks to shipping despite the safe-passage provisions in the interim agreement. AIS tracking showed also several ballast vessels turned back from the Strait, and daily transit counts fell sharply — from 25 ships on the Monday to just 7 early on the following day. The renewed disruption to Qatari flows, layered on top of the existing force majeure extensions, kept the market firmly focused on the fragility of the supply recovery.