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European Gas Jumps 25% as Iranian Crisis Threatens Global Flows

European natural‑gas futures surged up to 25% on March 2, marking the steepest rise since August 2023. The spike followed reports that tanker traffic through the Strait of Hormuz—responsible for roughly 20% of global LNG shipments—was largely halted amid escalating Middle‑East fighting. Benchmark contracts rallied sharply, while oil prices also jumped, underscoring broader energy market stress. The price shock highlights the fragility of supply routes that European importers heavily rely on.