European Gas Prices Surge Past €70 on Middle East Tensions

European natural gas prices have surged above €70 per megawatt-hour, reaching their highest levels since 2023, driven by renewed military conflict in the Middle East and concerns over potential disruptions to Persian Gulf energy supplies. Market participants are pricing in supply chain risks as tensions escalate in a region critical to global oil and gas production, with the price spike reflecting broader energy security concerns across Europe's import-dependent market. The surge underscores Europe's vulnerability to geopolitical shocks in energy-producing regions following Russia's invasion of Ukraine and subsequent energy diversification efforts.