The outlook for the reopening of the Strait of Hormuz is unclear, and European natural gas prices have surged.

On Monday, at the end of European trading, ICE UK natural gas futures rose 10.98% to 150.880 pence per therm, continuing to rise since 14:00 Beijing time. TTF benchmark Dutch natural gas futures increased by 12.54%, reaching 61.400 per megawatt hour. ICE EU carbon emission allowances fell by 1.38% to 81.61 per ton. Iran and Oman are in consultations about reopening the Strait of Hormuz, but traders do not believe an agreement will quickly restore global liquefied natural gas transport. Over the weekend, Iran stated that the agreement was "very close," but also implied that even if an agreement is reached, the Strait of Hormuz would not immediately reopen. This has dampened the market's initial optimism for a rapid return of LNG transport, which Europe desperately needs to replenish its natural gas stocks.