# Gas and oil surge as Hormuz deal talks hit deadlock 2026-08-10T22:20:10+00:00 | World & Diplomacy | Indian Opinion Desk Corroboration: 1 independent outlet European natural gas prices jumped over 10% on Monday as hopes for a quick reopening of the Strait of Hormuz faded. Dutch front-month futures rose to €61.24 per megawatt-hour. US crude held near a one-week high, with Brent at $87.81 a barrel and WTI at $82.22. Trading remains volatile after US President Donald Trump demanded compensation from Iran for war deaths, complicating negotiations. Iran insists the strait will stay closed until the US lifts its naval blockade and sanctions. Iran’s foreign minister said no direct talks are happening with Washington. Europe’s gas storage sites are at their lowest seasonal level since 2009, barely 59% full. Oil and gas markets are reacting to conflicting signals from Iran and the US. Iran’s foreign ministry said talks with Oman on alternate shipping lanes are nearly complete, but that does not mean the strait will reopen. Analysts say the prolonged uncertainty sets up intense competition between Europe and Asia for LNG supplies ahead of winter. ## Coverage - livemint.com - timesofindia.indiatimes.com - livemint.com Tags: energy prices, Europe gas, Hormuz, Iran, LNG, winter supply Canonical: https://indianopinion.org/european-gas-prices-jump-10-on-hormuz-deal-doubts/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/european-gas-prices-jump-10-on-hormuz-deal-doubts/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.