[Energy Prices Surge, Boosting Hawkish Expectations as Traders Bet on Two ECB Rate Hikes This Year] Jin10 News, March 9 – The surge in energy prices has heightened market concerns over soaring inflation, prompting traders to increase their bets on European Central Bank (ECB) rate hikes. The swap market indicates that the market expects the ECB to raise rates twice by the end of the year, with each hike being 25 basis points, compared to just one hike expected as of last Friday. The market has almost fully priced in the first rate cut for June. On Monday, natural gas prices surged by as much as 30%, continuing the largest weekly increase since the energy crisis. Earlier, oil prices had already risen above $100 per barrel, driven by production cuts from major Middle Eastern oil-producing countries and the effective closure of the Strait of Hormuz.