European natural gas prices have risen to their highest level since March amid continued attacks on commercial shipping in the Strait of Hormuz and concerns over energy supplies from the Persian Gulf.

Axar.az reports, citing Der Spiegel, that the benchmark TTF gas futures contract for delivery in one month was trading at €64.60 per megawatt-hour (MWh) on the Amsterdam exchange, its highest level since mid-March.

Gas prices have risen by more than 20% over the past two weeks. Before the Iran war began in late February, prices stood at around €30 per MWh.

Market concerns have grown that energy commodity supplies from the Persian Gulf may not return to normal soon. Iran has demanded implementation of a framework agreement signed with the US in June as a condition for reopening the Strait of Hormuz.

The price increase comes as European gas storage levels remain significantly below last year’s levels. Storage facilities across Europe were 61.37% full on Aug. 17, compared with nearly 74% a year earlier, according to the Gas Infrastructure Europe (GIE).

Germany’s storage facilities were only 50.06% full, down from nearly 67% at the same time last year.

The German gas transmission system operators’ association, FNB Gas, said the country’s legally required storage target for Nov. 1, 2026, was now “hardly achievable,” even with storage injections reaching 1.2 terawatt-hours per day.