European natural gas and electricity prices have climbed to their highest levels since 2023, driven by escalating tensions in the Iran conflict.
The geopolitical instability is exacerbating existing supply vulnerabilities across the continent, pushing energy costs higher for both industrial consumers and households.
The price surge comes against a backdrop of depleted storage infrastructure.
EU gas storage facilities are currently filled to only 55 percent of capacity, a figure that falls significantly below seasonal norms.
The situation is even more acute in Germany, where storage levels have dropped below the 50 percent threshold, raising concerns about supply security during the upcoming winter months.
Market participants are bracing for a prolonged period of elevated volatility.