European natural gas followed crude oil higher Thursday, with the benchmark Dutch TTF contract recently trading +4.2% to €52.06/MWh (NG1:COM) after adding as much as 7.7% and recovering some of the losses earlier this week.

U.S. natural gas prices remain relatively stable around $3.10–$3.40/MMBtu because export terminals are already operating near full capacity and domestic production continues to rise.

The increase of gas prices comes as the Strait of Hormuz is shut - that's where nearly one-fifth of the world's oil and liquefied natural gas passes.

Natural gas is bullish again early on Wednesday, as traders continue to react to the overall pressures of the war in the Middle East.

European natural gas prices jumped again on Monday, now almost doubling since the start of the war. Benchmark prices rose above €60 per megawatt hour, compared with €32 before the U.S. attack on Iran.

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President Trump said the U.S. has won the war in Iran as the Energy Department frees up oil reserves.