Gas prices in Europe and the United Kingdom spiked as fears increased that the ongoing conflict in the Middle East might disrupt global energy supplies.

Markets reacted to unconfirmed reports that Iran had begun laying mines in the Strait of Hormuz, a critical shipping route used to transport fuel worldwide, The Caspian Post reports, citing Al Jazeera.

Any disruption to traffic through the strait could impact deliveries of liquefied natural gas (LNG) to both Europe and Asia.

The benchmark European gas price increased by about 5.7 percent during morning trading, while the main British wholesale gas contract climbed roughly 6 percent.

Tensions escalated further after the United States Central Command said US forces had “eliminated” 16 Iranian vessels that it claimed were laying mines near the waterway.