Europe Gas Prices Reach 2022 High

Natural gas prices in Europe have risen to their highest levels since late 2022, with the benchmark TTF gas contract for delivery next month surpassing €83.75 per megawatt-hour, an increase of over 5%. This surge is driven by concerns over ongoing supply disruptions resulting from the closure of the Strait of Hormuz and escalating regional tensions. The European gas price has nearly tripled this year due to the Iranian crisis, energy supply restrictions, and Europe's efforts to fill its storage inventories ahead of winter.

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