Prices have climbed towards levels last seen during the 2022 energy crisis.
\n\nEuropean gas prices rose above €100 per megawatt-hour on Wednesday for the first time in almost four years, as markets prepare for possible renewed US strikes on Iran and the prospect of colder weather across the continent.
\n\nThe benchmark Dutch front-month gas contract at the Title Transfer Facility (TTF) briefly reached €100 per megawatt-hour at about 13:35 GMT on Wednesday, up around 4% from the previous session, according to data from the Intercontinental Exchange.
\n\nPrices have climbed towards levels last seen during the 2022 energy crisis as the conflict in the Middle East intensifies. They are now trading at around three times their levels before the war with Iran began.
\n\nAnalysts and industry forecasters warn that gas prices could remain elevated for at least another year, even if the conflict ends and winter temperatures remain mild. Europe will need to replenish its gas reserves, which have been depleted to record lows, adding to pressure on supplies.
\n\nWhy Are European Gas Prices Rising?
\n\nThe US-led war on Iran has pushed up costs across energy markets, affecting oil, transport fuels, gas and electricity, as well as food prices. Markets are…
Original source: https://www.timesnownews.com/world
