European Gas Prices Soar Amid Middle East Tensions

European natural gas markets have surged to a three-year peak amid escalating tensions in the Middle East. The Dutch futures contract for gas has risen by over 4%, reaching approximately €73.80 per megawatt-hour, nearing the previous week's summit of €74.32.

The upward momentum follows military confrontations between Washington and Tehran in Persian Gulf waters. Iran intends to establish a maritime restricted zone near the Strait of Hormuz, which facilitates one-fifth of international liquefied natural gas shipments from Qatar.

European energy companies now face competition with Asian purchasers for Atlantic basin LNG cargoes due to potential supply disruptions.