European Gas Prices Jump 40 Percent After Strikes on Giant South Pars Gas Field

Gas markets reacted as Iranian strikes and counterstrikes hit Gulf energy sites, raising fears of supply shocks amid already low European storage levels.

A general view of the the phase 17-18 of the South Pars gas field facilities in the southern Iranian port town of Assaluyeh on the shore of the Gulf on Nov. 19, 2015. Atta Kenare/AFP via Getty Images

European gas prices surged on March 19, jumping as much as 40 percent before paring gains, after strikes on Iran’s giant South Pars gas field.

Dutch TTF natural gas futures, considered the European benchmark, later eased back from their highs to around 20 percent on the day after briefly surging close to 40 percent intraday.