Benchmark natural gas prices in the European market jumped on Monday morning as jitters over the uprising in Russia added to worries about supply in an already volatile market, Bloomberg reported, citing Agerpres.

Natural gas futures for delivery next month rose 13% to 36.80 euros per megawatt-hour at around 9:25 a.m. at the TTF gas hub in Amsterdam, where benchmark prices are set in Europe.

The price of natural gas in Europe rose more than 30% this month after a prolonged decline in the previous month, as a production shutdown in Norway counteracted a drop in demand.

Price volatility increased in June, and the weekend armed uprising in Russia will further disrupt markets.

“Geopolitical risks in Russia are much higher now than before the weekend. “Uncertainty about what might happen in the coming weeks inside Russia, not the situation in Ukraine,” is what’s pushing up gas prices, said Tom Marzek-Manser, an analyst at ICIS.

The European energy market still has one eye on what is happening in Russia

Although Europe has significantly reduced its dependence on Russian pipeline gas, Moscow remains the main supplier of liquefied gas. In addition, the European continent receives large volumes of liquefied natural gas from other producers, such as the US, and this fuel has played a crucial role in securing supplies during the energy crisis.

There are other factors that are putting new pressure on the market.

Natural gas supplies from Norway remain limited as several facilities undergo maintenance work. In Russia, there are signs that the situation is beginning to calm down.

The Moscow authorities canceled the anti-terrorist regime introduced on Saturday, and the Moscow Stock Exchange is operating normally.

“Overall, as with other Russia-focused commodities, the impact is limited at the moment,” said Ole Slot Hansen, an analyst at Saxo Bank A/S.