Oil and gas prices have been on the rise as the United States and Iran find themselves in a costly stalemate, with hopes for a peace deal diminishing. In the absence of a resolution, gas prices are predicted to continue increasing, leading to spikes across various regions, particularly in the U.S. and Europe. Despite initial fears of a gas shock, European natural gas prices hit a seven-week low before rebounding due to ongoing tensions in the Strait of Hormuz, where recent drone attacks have significantly disrupted supply routes. Market analysts are closely watching the developments of U.S.-Iran negotiations, as both European and American gas prices react to the uncertainty, with the potential for increases of up to 16% on the horizon. Investors remain cautious as they evaluate the impact of a ceasefire extension and other geopolitical factors on the volatile energy market.