European natural gas prices climbed by as much as 10% on Monday as investors closely monitored developments around the Strait of Hormuz, with traffic through the crucial waterway remaining subdued over the weekend amid continued uncertainty over the resumption of normal maritime flows. Earlier today, Iran noted that Tehran was still not negotiating with Washington, adding to concerns about further disruptions to liquefied natural gas shipments. For September contracts, UK natural gas futures surged 10.91% to go for 148.37 pence per therm at 3:42 pm CET. Dutch TTF natural gas for September deliveries jumped 8.83% to €60.89 per megawatt hour.
WTI up by over 3.5% as Hormuz deal fears persist
Oil futures prices continued to rise on Monday after Iran said it had reached a deal with Oman on the Strait of Hormuz, including a regulation to impose transit tolls. Moreover, data and analytics company Kpler estimated that traffic through the strait “weakened further” over the weekend. Furthermore, United States President Donald Trump revealed that Washington is “only semi-negotiating” with Tehran. West Texas Intermediate (WTI) for September’s deliveries jumped by 3.54% at 9:59 am ET to $80.88 per barrel. Brent for October’s settlements increased by 2.90% at 10:02 am ET to $86.14 per barrel.