European gas prices surged on Thursday morning alongside oil prices following attacks on two Iraqi oil tankers near southern Iraq, amid ongoing violence in the Middle East and escalating fears of long-term repercussions on the global economy.
The Netherlands-based TTF gas contract, a benchmark for Europe, increased by nearly 5% to €52.46 per megawatt-hour for April delivery.
Before the onset of US and Israeli attacks on Iran, the TTF price hovered around €32 per megawatt-hour in late February.
US investment bank Morgan Stanley has revised its forecasts, predicting higher European gas prices for the remainder of the year.
The bank highlighted disrupted liquefied natural gas (LNG) production in Qatar, which is expected to remain halted for a month following Iranian attacks targeting the state-owned company QatarEnergy.
