Natural gas prices surged on Monday following the failure of ceasefire talks between Iran and the United States.
Futures contracts in the Netherlands, which set the benchmark for the European gas market, rose by 12% to €49 per megawatt hour as of 7:20 AM.
On Sunday, US President Donald Trump announced plans to impose a blockade on the Strait of Hormuz.
The US military later confirmed it would extend the blockade to Iranian ports starting Monday at 16:00 Belgian time.
Oil prices also reacted sharply to the escalating tensions. Brent crude from the North Sea rose by 7% to $102 per barrel, while West Texas Intermediate (WTI) jumped 8% to $105 per barrel.
