Gas Prices in Europe Surge Amid Middle East Conflict
Natural gas prices in Europe have surged amid rising oil costs and tensions in the Middle East. Market concerns have intensified due to the ongoing conflict and the closure of the Strait of Hormuz.
Following the market opening around 9:00 Cyprus time, gas futures at the Dutch TTF hub — the main price benchmark for Europe — rose by more than 23%, reaching approximately 66 euros per megawatt-hour. Early in the trading session, the increase briefly hit nearly 30%.
However, current prices remain significantly lower than the record levels of 2022, when gas costs in Europe exceeded 300 euros per megawatt-hour following the start of the war in Ukraine.
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