Gas Prices in Europe Reach Four-Year High

The prices of natural and refined gas in Europe have jumped to levels not seen since 2022, on the back of fears about the continent’s supply this winter and the conflict in the Middle East, reports The Guardian.

Wholesale gas prices hit €97 ($108) a megawatt-hour on October 26, and the U.K.’s “month ahead contract” — an advance agreement to buy or sell energy supply — also rose by 4% to 240p ($3.20) per therm, its highest level since December 2022 when Russia’s full-scale invasion of Ukraine sent prices skyrocketing.

The spike in gas prices comes as temperatures across Europe are falling, bringing stronger demand for heating, while fears grow that there could be further supply disruptions in the Middle East, as reports grow that the U.S. and Israel are planning renewed missile strikes on Iran.

Meanwhile, crude oil prices fell slightly on October 26, but remained high, with the international Brent crude benchmark at nearly $115 a barrel, from $117 a barrel on October 23.

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