Muscat: European gas prices jumped above $700 per thousand cubic metres in today's trading for the first time since 23 March 2026, driven by renewed hostilities between the United States and Iran. Futures contracts for August delivery at the TTF hub - the continent's main virtual natural gas trading point, based in the Netherlands - climbed to around $716 per thousand cubic metres, equivalent to pound 60.515 per megawatt-hour, with gains exceeding 5 percent since the session opened.

According to Oman News Agency, the rally followed a fresh round of escalation between Washington and Tehran that began on 8 July 2026, after US forces launched several strikes on Iranian territory in response to an attack on a commercial vessel.

Italian Deputy Prime Minister Matteo Salvini said earlier that Europe would not be able to do without Russian oil and gas, despite political statements to the contrary.