Khaberni - Natural gas prices in Europe recorded a noticeable rise on Monday, after Iran backtracked on its previous decision to reopen the Strait of Hormuz.
In the Amsterdam exchange, Dutch natural gas futures "TTF" surged by about 6% to reach $48.26 per megawatt/hour.
At the start of the week, Iran reneged on its previous announcement regarding the reopening of the Strait of Hormuz, at a time when it intensified its military operations against ships in the area.
Tensions escalated following the United States imposing a naval blockade on the strait, with the U.S. Navy attacking and seizing an Iranian cargo ship on Sunday. The Iranian military considered this action armed piracy, vowing to retaliate against the U.S. escalation.
The ongoing war in Iran and the closure of the strait, which is a vital passage for energy exports from Gulf countries, led to an increase in natural gas prices, reaching $87 per megawatt/hour in March.
