Europe gas prices reach 2022 highs

European natural gas prices have reached their highest levels since the end of 2022, with the futures contract "TTF" exceeding €83.75 ($97.13) per megawatt-hour. This surge is driven by concerns over potential disruptions in gas supplies due to the closure of the Strait of Hormuz and the impact of the Iranian crisis on energy supplies. Markets have been agitated as tensions in the Middle East escalate, with gas prices rising by nearly three times this year, as European countries seek to bolster their inventories ahead of the winter season.

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