Europe's Gas Prices Soar to 3-Year High Amid Ongoing Conflicts

European natural gas prices have surged to their highest level in roughly three years, reaching €80.99 per megawatt-hour on Wednesday.

The price of Dutch TTF futures, the European gas price benchmark, increased by as much as 6.8% during trading that day before easing slightly to €79.32 euros by 4:43 p.m., according to Bloomberg.

This rise in prices is attributed to the prolonged Iran war, which has disrupted Middle East gas supplies and reduced Russian gas exports due to the fallout from the Russia-Ukraine war.

The UK's benchmark gas price also climbed as high as £2 per therm (about 29 kilowatt-hours) on Wednesday before pulling back somewhat, marking its highest level since December 2022.