Iran Threatens Hormuz Expansion as European Gas Prices Soar

European gas prices surged on Thursday after Iran threatened to expand its military campaign in the Middle East, casting doubt on the prospect of normalizing energy flows through the Strait of Hormuz.

The benchmark futures for European natural gas jumped as much as 5.8% on Thursday, mirroring a sharp increase in oil prices.

According to Anne-Sophie Corbeau, a researcher at Columbia University's Centre on Global Energy Policy, the region is plagued by 'de-escalation and conflict' that no one can manage effectively.

The Iranian threat came after a top military official stated that Tehran may broaden its war efforts into the Indian Ocean if struck again by the US or Israel.