The Title Transfer Facility natural gas price in Europe on Wednesday rose further, gaining 1.1% at last look to 39.75 euros per megawatt-hour. This comes after Israel apparently attacked a refinery at the South Pars gas field, the world's largest gas field, forcing a partial suspension of production, the bank noted.

However, though Iran is the world's third-largest gas producer, it consumes most of its own production, so output from the country is of little relevance to the world market or European prices, according to Commerzbank. The real price risk lies in a potential blockade of the Strait of Hormuz, which is just as important for the liquefied natural gas market as it is for the oil market, the bank said.

Nearly a fifth of global LNG trade is transported through the strait, with about 9 billion cubic feet coming from Qatar every day. The main buyers of LNG exports from Qatar are China and India, while the EU sources around 10% of its LNG imports from Persian Gulf country.

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