Gas prices on European exchanges have exceeded $700 per 1,000 cubic meters for the first time since January 2023. The April futures contract at the TTF hub in the Netherlands reached $711 per 1,000 cubic meters, or €59.015 per MWh. Prices have risen more than 30% since the start of the day.


The spike comes amid escalating tensions following the US and Israel military operation against Iran, which began on 28 February.