Rising Gas Prices in Europe Amid Supply Disruption Fears from the Gulf
Natural gas prices in Europe surged by over 20 percent on Monday, driven by growing concerns over potential impacts on supplies from the Gulf region amid tensions related to Iran. Notably, Qatar is one of the leading suppliers of liquefied natural gas to the European continent.
The price of the European gas reference contract, “TTF,” rose to around €38.885 per megawatt hour, after recording an increase exceeding 22 percent during trading, marking one of the largest daily jumps in weeks.
This rise reflects the European market’s sensitivity to any potential disruptions in global supply routes, particularly through the Strait of Hormuz, through which significant quantities of energy exports pass.
Despite this significant increase, current prices remain below the levels reached in January, indicating that the market is still within a less volatile range compared to the peaks of winter fluctuations.
