European gas prices opened 4% higher on Friday following Israel's strike on Iran, with the market posting its largest single-day increase in five weeks.
The gas price per megawatt-hour for July futures contract on the TTF鈥攖he Netherlands-based virtual natural gas trading venue with the most depth in Europe鈥攐pened at 鈧�37.7 per megawatt-hour, up from 鈧�36.2 at Thursday's close, marking a rise of 4%.
By 11 a.m. local time, prices settled at around 鈧�37.4.
The escalation in tensions across the Middle East, a region critical to global energy supply, has heightened fears of a broader conflict, driving concerns across markets and triggering the sharp uptick in gas prices.
There are growing fears that shipping through the Strait of Hormuz鈥攁 key chokepoint for global liquefied natural gas (LNG) and oil shipments鈥攃ould be disrupted.
Moreover, any avoidance of the route by shipping firms could lead to delivery delays.
Following a sharp reduction in Russian gas supplies, Europe has become increasingly reliant on LNG imports, making the stability of these supply lines vital for the continent.
Reporting by Nuran Erkul in London
Writing by Humeyra Ayaz
Anadolu Agency
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