European Gas Prices Spike Above €83 Amid Middle East Tensions

European gas prices surged above €83 per megawatt-hour (MWh) on Monday due to escalating tensions in the Middle East, which raised concerns over LNG supplies to global markets.

The front-month October contract at the Dutch TTF hub, the benchmark for European gas prices, settled at €79.52 per MWh on Friday.

Prices rose 5.6% from Friday's close, reaching €83.96 per MWh as of 9:59 a.m. local time (06:59 GMT) on Monday.

The tensions in the Middle East increased concerns over potential disruptions to global energy supplies after Saudi Arabia temporarily shut its East-West oil pipeline following drone attacks and Yemen's Houthis advanced, raising concerns over further disruptions to regional energy infrastructure and shipping.