European natural gas prices surged to their highest level since 2022 on October 28, 2026, reaching €100.45 per megawatt-hour. The spike was driven by fears of escalating tensions in the Middle East and the urgent need to replenish gas reserves before winter. The Dutch TTF futures contract, the benchmark for European gas, climbed more than 4% during the day.
The price jump came amid concerns that the United States might launch new strikes on Iran following next week’s midterm elections. Analysts warned that such actions could provoke retaliation from Tehran, potentially disrupting energy infrastructure in the Gulf. Exports of liquefied natural gas (LNG) from the region remain limited, further fueling price increases.
Arne Lohmann Rasmussen, chief analyst at Global Risk Management, noted that weather forecasts are also contributing to the rise. Lower wind and solar generation in Europe is expected to boost demand for gas. Despite the recent surge, prices are still far below the record highs of 2022, when they peaked at €345 per megawatt-hour following Russia’s invasion of Ukraine.
Analysts believe that Europe’s shift toward renewable energy sources has reduced the risk of severe electricity bill hikes. Countries are consuming less gas than in 2022, which may help mitigate the impact of price fluctuations on households.