European Gas Prices Surge 5% to Unprecedented Levels

According to the International Desk of Webangah News Agency, European natural gas prices have once again climbed, with a 5% increase bringing the cost to €84 per megawatt-hour. This price point is unprecedented since the early part of 2023, according to data released by Mehr News Agency, citing Al Jazeera.

Previously, reports indicated that gas prices on the European stock exchange had surpassed $1,000 per thousand cubic meters, reaching this level for the first time since December 22, 2022. The Russian newspaper ‘Izvestia’ highlighted the growing instability in the European fuel market, noting its current dependence on gas sources from the United States and Norway, which account for up to 60% of supply.

The newspaper also identified the situation in the Persian Gulf as a factor that could further complicate the European gas market. Approximately 20% of the world’s liquefied natural gas supplies, particularly from Qatar, transit through this vital strait.