The European gas price briefly rose to just over €80 per megawatt hour (MWh) on Wednesday afternoon. This is due to the resurgence of the conflict between the United States and Iran over the Strait of Hormuz.
On the leading TTF futures market in Amsterdam, the European gas price rose by 6.8% to €80.98 per megawatt hour. The price subsequently fell to just below the symbolic threshold.
According to the Bloomberg news agency, this is the first time in more than three years – since January 2023 – that the price has exceeded €80.
Since the start of the Iran war in the Middle East, gas prices have more than doubled.
In 2022, in the wake of the Russian invasion of Ukraine, the gas price temporarily rose to record highs of over €300 per megawatt hour.
