For the first time since 2023.. European gas exceeds $96
European gas prices jumped by about 5% to over $96 per megawatt-hour, driven by escalating tensions between the United States and Iran and fears of supply disruptions through the Strait of Hormuz and the Bab el-Mandeb. European gas storage levels reached 68.04%, significantly lower than the five-year average of 84%.
European gas prices jumped on Monday by about 5% to over $96 per megawatt-hour, as tensions continue in the Strait of Hormuz and Bab el-Mandeb. The price rose by 4.9% according to the European gas benchmark TTF, reaching €83.5 ($96.3) per megawatt-hour. This increase is driven by escalating tensions between the United States and Iran, and concerns about oil supply disruptions through the two strategic straits. Gas storage facilities in EU countries are 68.04% full, according to data from Gas Infrastructure Europe, significantly lower than the five-year average of 84%. Supply disruptions in the Middle East have made it difficult for Europe to refill its storage as winter approaches. On Yemen's west coast, Houthis advanced toward areas near the Bab el-Mandeb Strait. The United States launched military attacks on sites in Iran, and Tehran responded with attacks on US military facilities in Arab countries. The US and Israel began a war on Iran on February 28.