European Gas Prices Surge on Middle East Escalation

European natural gas prices have surged above €70 per megawatt-hour, reaching their highest levels since 2023, as renewed armed conflict in the Middle East threatens supply from the Persian Gulf region. The price spike reflects market concerns that regional escalation could disrupt crude oil and liquefied natural gas flows critical to European energy security. Major European energy importers face heightened costs amid the geopolitical tension in one of the world's most strategically vital oil and gas-producing regions.