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European Natural Gas Price Soars 30% Amid War

Published March 9, 2026, 09:10
European Natural Gas Price Soars 30% Amid War

The price of European natural gas rose by approximately 30% today, as a result of rising oil prices and fears of further escalation of tensions in the Middle East, including the potential closure of the Strait of Hormuz. The Dutch TTF futures contract, the European benchmark, rose by more than 23.63% to 66 euros per megawatt-hour. However, the price remains significantly lower than the levels recorded in 2022, at the beginning of the war in Ukraine. This increase indicates the sensitivity of the energy market to geopolitical developments.