On Monday, benchmark natural gas futures surged by as much as 30%, extending the largest weekly gain since the onset of the energy crisis. As more major Middle Eastern oil producers cut output and the Strait of Hormuz remains effectively closed, oil prices have climbed above $100 per barrel. U.S. natural gas futures also rose, reaching their highest level in a month.

The conflict, now in its tenth day, shows no signs of easing, introducing further uncertainty into energy markets and intensifying inflationary pressures.

At the time of writing, the Dutch near-month futures contract, which serves as Europe's natural gas benchmark, was up 14.78%, trading at €61.27 per megawatt-hour.