European natural gas prices advanced on Monday, driven by renewed geopolitical volatility in the Middle East.
The benchmark TTF contract moved higher as traders reacted to escalating tensions between the United States and Iran, which have sparked fresh concerns over energy supply security.
This repricing extends a trend seen earlier in the year, with the average European gas price up 11% year-on-year in the first half of 2026, reaching $515 per 1,000 cubic meters.
The price increase comes despite a steady, albeit slow, fill of European gas storage facilities.
Brokers note that while inventory levels are rising in line with seasonal expectations, the market remains sensitive to any disruption in liquefied natural gas (LNG) flows from key exporting regions.
This repricing extends a trend seen earlier in the year, with the average European gas price up 11% year-on-year in the first half of 2026, reaching $515 per 1,000 cubic meters.
The surge in fuel costs has already contributed to significant jumps in diesel and gasoline prices across the EU, adding to inflationary pressures.