European Gas Prices Soar on Escalating Middle East Tensions

European natural gas prices have reached their highest level since late 2022 as concerns about supply disruptions and winter fuel inventory levels intensify. The benchmark futures jumped by up to 4.8%, marking the fifth consecutive session of gains. This surge is also being driven by a rally in oil, which strengthened on Thursday.

The heightened tensions in the Middle East are contributing to these price increases, with fears that supply disruptions could be prolonged. Asian prices have also risen to their highest level in more than three years, according to Bloomberg Terminal levels.