European gas prices jump 4.2% as hopes fade for Hormuz deal

European gas prices surged by 4.2% as hopes for a swift agreement on the Strait of Hormuz diminished.

A senior official at the International Gas Union said the market now expects a prolonged supply shortage due to the conflict involving Iran.

Iran recently announced it has restored about half of the production capacity affected at the South Pars gas field, as part of a plan to bring all halted capacity back online before winter begins.