European gas prices jumped sharply on Monday as escalating geopolitical tensions and supply fears rattled energy markets.
Benchmark Dutch gas futures rose 12% to €49 per megawatt hour by 7:20 a.m., after ceasefire talks between Iran and the United States collapsed.
The surge followed an announcement by U.S. President Donald Trump on Sunday outlining plans to impose a blockade on the Strait of Hormuz, a critical global energy transit route. The U.S. military later confirmed the measure would be expanded to include Iranian ports starting at 16:00 Belgian time on Monday.
Oil markets also reacted strongly to the developments. Brent crude climbed 7% to $102 per barrel, while U.S. West Texas Intermediate (WTI) gained 8% to reach $105 per barrel.
Oil storage tanks in Osaka Bay, Japan Source: Bloomberg
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