Amman, March 2 (Petra) – Gas prices in Europe spiked by more than 25 percent on Monday amid the escalating conflict with Iran as many energy shipments through the Strait of Hormuz were halted.

According to Bloomberg, gas futures soared by as much as 25 percent, the largest increase since August, 2023, after gas tanker traffic through the Strait of Hormuz came to a halt over the weekend.

The Strait of Hormuz is a vital energy shipping route, through which about one-fifth of the world's liquefied natural gas exports pass. Oil prices also saw a sharp rise on Monday due to the rapid developments in the region.

//Petra//SS