European natural gas prices surged on March 9 as the war in the Middle East continued to disrupt global energy markets and seaborne fuel shipments, Reuters reported the same day. Prime Minister Giorgia Meloni is planning to fast-track a law decree aimed at mitigating the surge in energy prices linked to the conflict, ANSA news agency reported, also on March 9.

Dutch front-month TTF futures, Europe's benchmark gas contract, rose nearly 15%, extending their sharpest weekly gain since the 2022 energy crisis to above 61 euros ($71) per megawatt-hour. The rally followed a broader spike in oil prices above $100 per barrel as several major Middle Eastern producers curtailed output and shipping through the Strait of Hormuz, which handles roughly 20% of global crude oil and LNG trade, remained effectively halted.