AMSTERDAM, April 20 (Bernama-dpa) -- European natural gas prices rose sharply on Monday after Iran reversed its decision on the reopening of the Strait of Hormuz, reported German Press Agency (dpa).
At the Amsterdam exchange, the benchmark TTF one-month forward contract climbed nearly six per cent to €41.02 (US$48.26) per megawatt hour (MWh).
Over the weekend, Iran withdrew its earlier announcement to reopen the Strait of Hormuz and stepped up military action against vessels in the area.
Tensions were further fuelled by a United States (US) naval blockade in the strait.
The US Navy on Sunday attacked and seized an Iranian cargo ship.
Iran’s military accused Washington of "armed piracy" and vowed to respond.
The Iran war and the closure of the vital trade route used by Gulf energy producers had previously driven natural gas prices as high as €74 (US$87) per MWh in March.
Before the outbreak of the conflict, prices stood at around €31 (US$36) per MWh.
-- BERNAMA-dpa
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
