Stephen Carroll

European gas prices have surged at the start of trading over fears of disruption to the transport of liquefied natural gas through the Strait of Hormuz off Iran's coast.

The Dutch TTF benchmark and UK benchmark prices both jumped by more than 20%.

Bloomberg's Tiwa Adebayo has more.

The Israeli military says it's starting an offensive campaign against Hezbollah in Lebanon that could last several days.

The AFP news agency reports that strikes have so far killed more than 30 people.

The escalation comes after Hezbollah fired into Israel, saying it was acting in retaliation for the killing of Iran's supreme leader.

And those are your top stories.

On the markets, Eurostox 50 futures down 2.3%.

Cacaron futures 1.9% lower.

FTSE 100 futures are down by 0.8% on Wall Street.

S&P E-minis are down by 1.5% as well.

Oil prices now 9.4% higher for Brent crude, climbing towards $80 a barrel.

We've seen that jump in European natural gas prices as well.

The Bloomberg Dollar Spot Index up by 0.6%.

The euro down 0.8% at 1.17%.

23 this morning.

I'm Stephen Carroll and this is Bloomberg.

Hello, I'm Stephen Carroll.

I'm in Brussels, where many of Europe's biggest decisions get made.

And I'm Caroline Hepke in London.