European natural gas prices have spiked above the $700 per 1,000 cubic meters threshold for the first time since late March, driven by escalating geopolitical tensions between the United States and Iran.
The benchmark TTF futures contract for August delivery jumped to approximately $716 during Monday trading, marking a sharp repricing of supply risk.
This move follows a period of relative stability, with the last time prices breached this level occurring on March 23.
The surge comes amid a new round of military escalation in the Middle East, which has intensified concerns over potential disruptions to global energy flows.
Traders are reacting to the heightened uncertainty, pushing gas prices higher as the market assesses the potential impact on supply chains.
The volatility in gas markets is part of a broader energy shock.