Natural gas in Europe for front-month deliveries rallied on Monday, soaring more than 11%, amid possible disruptions in the commodity supply fueled by rising tensions in the Red Sea.
The prices skyrocketed after British energy giant BP and other major shipping companies declared a suspension of all oil deliveries through the Red Sea. This decision was prompted by a series of attacks on commercial ships in the Gulf carried out by Yemen's Houthi rebels.
UK natural gas futures for delivery in January soared 12.85% to go for 93.20 pence per therm at 2:56 pm CET. Dutch TTF natural gas contracts for January delivery rallied 11.1% to €36.90 per megawatt hour at 2:57 pm CET.
