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European Gas Rises as Red Sea Attack Highlights Shipping Risk
European natural gas prices rebounded after a two-day slide as more attacks on vessels in the Red Sea raised the risk of prolonged disruptions to a key shipping route. Benchmark futures increased as much as 3.1% on Wednesday. Houthi rebels carried out one of their largest missile and drone attacks to date on commercial shipping lanes in the Red Sea, igniting a response from the US and the UK. Gas markets in Europe typically react to alarming signals even though fuel supplies haven’t been directly impacted by Red Sea tensions so far. Liquefied natural gas carriers from Qatar have continued to traverse the Suez ... (full story)