Natural gas benchmarks across the European continent spiked on Sept. 9 following an escalation in tensions involving Iran. Prices jumped by 5 percent to surpass the €80 per megawatt-hour threshold, marking the highest level since 2023 and the first time the market has exceeded that amount in more than three years.

Other energy commodities experienced parallel gains, with UK gas futures climbing above 200 pence for the first time since 2022. Brent crude oil topped $100 per barrel, hitting its highest price since July, as escalating geopolitical risks in the Middle East impacted global supply and pricing.