FX.co ★ UK Natgas Prices Jump 6%

UK natural gas futures climbed 6% to 124 pence per therm, the highest level in nearly three weeks, after Iran and Israel exchanged missile strikes for the first time since an April ceasefire, undermining diplomatic efforts to end the conflict. Israel said on Monday it had struck military targets in Iran in response to missile attacks launched by Tehran, which Iran characterized as retaliation for earlier Israeli operations in Lebanon. The latest strikes went ahead despite President Donald Trump’s appeal for Israel to avoid retaliatory action. The escalating confrontation has intensified concerns over prolonged disruptions to energy shipments from the Persian Gulf. Any sustained interruption could sharpen global competition for LNG cargoes, deepening worries in Europe as the region rushes to secure gas this summer and replenish storage ahead of next winter.