On Monday, European gas prices increased by 30%, with the Dutch TTF natural gas futures reaching a peak of €69.50 before slightly retreating. This significant rise is attributed to the ongoing conflict in the Middle East, which has disrupted energy markets and raised concerns over potential long-term supply issues. Despite the increase, prices remain below the levels seen in 2022.

The turmoil in the region, particularly related to Iran's engagements, has prompted France to convene a videoconference among G7 finance ministers to address the crisis in the Middle East. This meeting aims to discuss coordinated efforts to release strategic oil reserves, specifically as the G7, which comprises notable economies including Canada, Germany, Italy, Japan, the United Kingdom, and the United States, seeks to stabilize the global economy amidst fears of a crisis triggered by the conflict.

One of the key topics during the G7 discussions will be the blockade imposed by Iran in the Strait of Hormuz, a vital passage separating Iran from the United Arab Emirates, which is crucial for the transportation of oil. The outcome of these discussions could significantly impact energy prices and supply chains globally, particularly if the geopolitical tensions continue to escalate and affect broader markets.