Markets reacted to unconfirmed reports that Iran had begun laying mines in the Strait of Hormuz, a critical shipping route used to transport fuel worldwide, News.Az reports, citing Al Jazeera.
Any disruption to traffic through the strait could impact deliveries of liquefied natural gas (LNG) to both Europe and Asia.
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The benchmark European gas price increased by about 5.7 percent during morning trading, while the main British wholesale gas contract climbed roughly 6 percent.
Tensions escalated further after the United States Central Command said US forces had “eliminated” 16 Iranian vessels that it claimed were laying mines near the waterway.
