European gas prices surged to over $400 per thousand cubic meters, a level not seen since June, triggered by rising tensions in the Middle East. Data from the London ICE exchange show the shift as traders reassess supply risks in a volatile energy landscape.
At 17:30 Moscow time, the ICE TTF index in the Netherlands posted the September futures price at $401 per thousand cubic meters, or 35.84 euros per MWh. The move represented roughly a 1.8% increase from early trading, highlighting persistent momentum in European gas markets amid geopolitical uncertainty.
Bloomberg reported that the price climb in Europe continues to reflect heightened geopolitical risk in the Middle East and growing concerns about fuel supply security across the continent. The market narrative centers on potential disruptions and the need to replenish storage ahead of the winter season.
September gas futures rose about 2.6 percent on the day before easing slightly, marking a fourth consecutive session of gains as traders fear seasonal stockpiling and the impact of global supply bottlenecks. The broader energy complex remains sensitive to regional conflicts and their implications for LNG competition and pipeline flows.
Market commentary noted that statements from regional actors have intensified concerns about energy resilience. While Iran signaled it would pursue retaliation in response to an Israeli airstrike in Tehran, the immediate impact traded through energy markets as traders weighed the risk of broader escalation and its potential effect on LNG availability to Europe and other buyers.
Meanwhile, oil markets have also shown strength, with prices hovering around the $80 per barrel mark as global supply and demand dynamics remain in focus. Analysts emphasize that geopolitics, storage strategies, and winter demand will continue to drive volatility across both crude and natural gas markets in the near term.