European natural gas futures climbed more than 7% toward €41.7 per MWh in early Asian trading on Monday, nearly wiping out Friday’s losses, after Iran once again closed the Strait of Hormuz in response to the ongoing US blockade of its ports. President Donald Trump said the US Navy fired on and disabled an Iranian-flagged cargo ship over the weekend, while Tehran warned that any vessel approaching the strait would be treated as violating the ceasefire. Reports also indicated that Iran will not take part in a second round of peace talks, despite Trump’s threat of renewed airstrikes. This latest escalation followed Iran’s announcement on Friday that the key shipping lane had reopened. Several LNG tankers carrying Qatari fuel have reportedly approached the strait in recent days but were forced either to turn back or to remain idle. Since the conflict broke out in late February, no LNG exports have left the region, disrupting around 20% of global LNG supply.