
UK natural gas futures jumped 6% to 124 pence per therm, the highest in nearly three weeks, as Iran and Israel traded missile strikes for the first time since a ceasefire was agreed in April, threatening ongoing diplomatic efforts to end the war. Israel said on Monday it struck military targets in Iran in response to missile attacks launched by Tehran, which Iran described as retaliation for earlier Israeli strikes in Lebanon. The latest strikes came despite President Donald Trump’s call for Israel to refrain from retaliatory action. The escalating hostilities have heightened fears of a more prolonged disruptions to energy shipments from the Persian Gulf. The sustained disruption could intensify competition for LNG cargoes, fueling concerns in Europe as the region races to secure fuel this summer to refill its tanks before next winter.
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