Commodities
European Gas Prices Soar Amid Middle East Supply Concerns
European natural gas prices surged on Monday by over 5% to reach 83.75 euros per megawatt-hour, their highest level since late 2022.
The sharp increase was attributed to supply worries stemming from interruptions in gas flows from Middle Eastern production areas, particularly due to the closure of the Strait of Hormuz.
Investors are concerned that the disruption could persist for an extended period, further exacerbating existing supply constraints and driving up prices.