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Natural gas prices in Europe have risen to over $93 per megawatt-hour for the first time in more than three years, amid increasing supply risks due to intensified fighting in the Middle East and reports of an attack on the Yamal gas project in Russia. Gas prices have doubled since the start of the Middle Eastern conflict, although they remain below the levels seen during the previous energy crisis. The market anticipates that continued disruptions to the Yamal project, which supplies 5% of Europe's needs, will lead to higher demand for liquefied natural gas and rising prices. This poses a threat of increased winter costs and economic pressure across Europe, especially with rising inflation and expectations of interest rate hikes.
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