European Gas Prices Surpass $700 per 1,000 Cubic Meters for First Time Since March

On Monday, European gas prices exceeded the $700 mark per 1,000 cubic meters for the first time since March 23, influenced by escalating tensions between the United States and Iran.

Data from the London ICE exchange showed that the futures price for gas delivery in August at the Dutch TTF hub rose to approximately $716 per 1,000 cubic meters, equivalent to 60.515 euros per megawatt-hour. Price gains since the start of the trading session surpassed 5%.

This increase followed a fresh wave of escalation between Washington and Tehran that began on July 8, after US forces launched several strikes on Iranian territory. The US stated these actions were in response to an attack on a commercial vessel in the Strait of Hormuz.

On the same day, US President Donald Trump announced the end of the truce with Iran. Tehran responded with strikes targeting US sites in Bahrain, Jordan, Qatar, Kuwait, the United Arab Emirates, and Oman, raising concerns about the stability of global energy supplies.

Separately, Italy’s Deputy Prime Minister Matteo Salvini previously stated that Europe would not be able to forgo Russian oil and gas despite political statements suggesting otherwise.