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The Guardian - UK

Business

Mark Sweney

European gas prices surge amid fears US-Iran war will cause winter shortages

United States European Union Iran Europe Gas Prices ICIS Oil

An LNG tanker entering Rotterdam harbour — An LNG tanker entering Rotterdam harbour. Europe’s gas supplies are facing pressure this winter. Photograph: Image Source/Alamy

European gas prices have hit a four-month high as the escalation of the conflict in the Middle East raises fears of supply shortages this winter.

The Dutch natural gas benchmark briefly rose above €60 a megawatt hour (MWh) on Monday, near the peaks seen at the start of the US-Iran conflict, after the US expanded its aerial offensive and Iran retaliated with strikes on Bahrain and Kuwait.

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