European gas prices rose above €74 per megawatt hour (MWh) on Tuesday, their highest level since early 2023, as renewed escalation in the Middle East pushed up energy markets.
The benchmark European gas price climbed 6.2 % to €74.14 per MWh.
Fears of a prolonged conflict have increased after the United States and Iran exchanged fresh attacks for the first time in more than a month, reducing hopes of a near-term resolution.
Oil prices also moved sharply higher. Brent crude, the international benchmark, rose by 4.5%, to reach $94.56 a barrel.
US WTI crude gained 5.2%, rising to $90.22 per barrel.
The war has been disrupting oil and gas supplies from the Persian Gulf, making it harder for Europe to rebuild gas stocks in time for the start of the heating season.
As a result, European gas reserves are at their lowest level in years.
