European Gas Prices Spike as Middle East War Dims Supply Outlook

European natural gas prices jumped as the war in the Middle East continues to roil energy markets and disrupt shipments of seaborne supplies.

Benchmark futures jumped as much as 30% on Monday before shedding some gains, extending their biggest weekly advance since the energy crisis. The move followed a surge in oil to above $100 a barrel as more major Middle East producers curbed production and the Strait of Hormuz remained effectively closed. US natural gas futures also moved up, reaching the highest in a month.