Oil and gas prices climbed sharply on Monday after escalating military action in the Middle East rattled global energy markets, according to reporting by the Financial Times.

In the first full trading session following US and Israeli air strikes against Iran over the weekend, Brent crude rose by as much as 13%, briefly touching $82.37 per barrel before paring gains later in the day. European natural gas prices surged 24% at the start of trading, reflecting concerns over potential supply disruptions.

Much of the market’s focus is on the Strait of Hormuz — the narrow shipping channel at the entrance to the Gulf through which roughly one-fifth of the world’s oil and gas supply passes. Following the strikes, shipping activity in the strait reportedly slowed significantly, fuelling fears of bottlenecks or damage to critical infrastructure.

Qatar and the United Arab Emirates together account for around 20% of global liquefied natural gas exports, most of which transit through the Strait of Hormuz en route to Asian and European markets.

Analysts have warned that while a full closure of the strait remains unlikely, even limited disruption or infrastructure damage could have serious consequences for global energy prices.

Energy volatility spilled into broader financial markets. Gold rose 1.6% to $5,362 per troy ounce as investors sought safe-haven assets. The US dollar strengthened 0.6% against a basket of major currencies, while futures linked to the S&P 500 suggested US equities would open about 1.1% lower.

Across Asia, markets closed in negative territory, with Japan’s Topix down 1.5% and Hong Kong’s Hang Seng slipping 1.4%.

Brent crude later eased from its intraday peak but remained around 8% higher in London trading.

The trajectory of energy prices in the coming days will likely depend on developments around Gulf shipping routes and whether the conflict escalates further. For now, markets are pricing in heightened geopolitical risk and the potential for supply chain disruption at one of the world’s most strategically important energy corridors.