European natural gas surged as much as 4.2% amid market concerns over potential transport disruptions in the Strait of Hormuz

After the US military struck Iranian oil tankers over the weekend, European natural gas prices surged significantly amid market concerns over escalating tensions and the potential for a prolonged disruption to energy transport through the Strait of Hormuz. The front-month futures saw a maximum increase of 4.2%, reaching €75.005 per megawatt-hour (equivalent to $87.12); gains later narrowed, with prices retreating to €74.680. Asian early trading was subdued.