(Bloomberg) -- European natural gas prices advanced further as traders awaited Israel’s response to Iran’s attack over the weekend.

Benchmark futures settled 1.3% higher on Monday at the highest level since January, extending a jump of more than 15% over the course of last week. Markets have started to price in greater geopolitical risks in recent trading sessions, also because of Russian strikes on Ukrainian energy infrastructure.

“Risks have clearly risen as a result of this weekend’s attacks. More broadly, the events may be symptoms of broader challenges to global cooperation,” Citigroup Inc. strategists wrote in a note on Monday morning.

More than 300 missiles and drones were fired by Iran over the weekend — the first from Iranian soil against Israel — though most were intercepted. The attack had been expected for days and came in retaliation for a strike in Syria that killed Iranian military officers.

Some Israeli ministers have said the country needs to carry out a harsh attack to deter Iran from any repeat assault. Prime Minister Benjamin Netanyahu hasn’t laid out what he plans to do, beyond saying Israel will respond in some way.

Read More: Europe, US Increase Calls for Israeli Restraint Against Iran

While Europe doesn’t source much gas from the region, its reliance on global markets has surged since it lost most pipeline flows from Russia in 2022. Even events occurring far from home impact prices, and volatility has become a common feature of the market since the energy crisis.

The continent is focusing on rebuilding stockpiles for the next heating season, after it ended winter with storage sites at record levels. Mild weather and weak industrial demand have kept a lid on consumption so far. 

“With European Union gas stocks full at an all-time high for this period of the year, there is indeed no reason to panic,” analysts at Engie SA’s EnergyScan wrote in a note. 

Still, Norwegian gas flows to the continent remain depressed, following unplanned maintenance at some of the country’s facilities that started over the weekend. Works are now expected to last until at least Tuesday, according to the network operator Gassco AS.

Dutch front-month futures, Europe’s gas benchmark, rose 1.3% to close at €31.14 a megawatt-hour in Amsterdam. 

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