LONDON, March 9 (Xinhua) -- Major European stock markets fell in early trading on Monday as escalating tensions in the Middle East pushed up global energy prices and heightened concerns over inflation and economic outlook.
Rising risks to energy supplies, particularly disruptions to shipping through the Strait of Hormuz, drove sharp increases in oil and gas prices. Benchmark European gas prices, represented by Dutch TTF futures, surged by as much as 30 percent to about 69.5 euros (80.3 U.S. dollars) per megawatt-hour.
Meanwhile, Brent crude futures briefly climbed above 119 dollars per barrel before easing back to around 107 dollars.
European equities opened broadly lower amid the surge in energy costs. Britain's FTSE 100 index fell more than 1.7 percent at one point, while France's CAC 40 index dropped about 2.4 percent and Germany's DAX index declined around 2.5 percent.
Bond yields also moved higher across Europe. Britain's 10-year gilt yield rose to about 4.73 percent, while the two-year yield climbed to roughly 4.06 percent. Germany's 10-year Bund yield increased to around 2.92 percent.
Media reports said the Group of Seven is discussing the possibility of a coordinated release of strategic oil reserves in a bid to stabilize global energy markets. ■