European Gas Resumes Gains as US and Iran Trade Hormuz Threats

European natural gas futures resumed gains as traders watched the US and Iran exchange threats over the Strait of Hormuz, adding nervousnesses to an already volatile market.

Benchmark contracts rose more than 5% in early trading, wiping out the previous session’s decline. On Saturday, US President Donald Trump gave Iran a two-day deadline to reopen Hormuz or have its power plants bombed, to which Iran responded that it would attack key infrastructure across the Middle East if he followed through.