European gas prices rise 3.3% to above €97/MWh, their highest since December 2022, as Middle East conflict threatens supplies and heightens winter energy concerns

European natural gas prices climbed 3.3% from Friday’s close to more than €97 ($108.8) per megawatt-hour, reaching their highest level since December 2022. The ongoing conflict in the Middle East continues to threaten supplies and has sharply intensified concerns about winter energy availability across the continent.

Liquefied natural gas flows from the Persian Gulf, which previously accounted for nearly a fifth of global supply, remain down roughly 80% year on year. Gas Infrastructure Europe reported that EU gas storage is at 74.6% of capacity, well below historical seasonal averages.