Natural gas prices in Europe rose in tandem with rising oil prices, as shipping disruptions in the Middle East worsened and markets braced for the disruptions to continue for several months.

Benvelope futures contracts posted gains for the second consecutive day, rising 7.7% and recovering some of the losses incurred earlier in the week. The recent developments reflect increasing pressure on global energy markets, following the evacuation of a major oil export terminal in Oman and attacks on two crude oil tankers in Iraqi waters.

In the liquefied natural gas (LNG) market, Asian buyers are poised to increase their purchases over the next two months as available supplies tighten.