European natural gas prices have surged to €100 per megawatt-hour, a level not seen since the height of the 2022 energy crisis. The spike, which occurred on Wednesday, October 28, 2026, has raised concerns about a potential renewed energy crisis as the region approaches its peak demand season.
Benchmark futures for natural gas jumped as much as 4.1%, reaching their highest point since December 2022. This price is more than triple the levels observed before the Iran war, which has significantly impacted Europe's energy market.
The conflict has already added over €100 billion to Europe’s fossil fuel import bill. With gas inventories remaining at seasonal lows, the risk of further price spikes looms large, casting a shadow over the region's economic stability.