One Month of US-Israel War on Iran Drives Sharp Price Surges

(MENAFN) The escalation of hostilities involving Iran following strikes by the United States and Israel late last month has disrupted global energy markets, particularly after the closure of the Strait of Hormuz and retaliatory attacks on regional energy infrastructure, as stated by reports. These developments have once again exposed the European Union’s heavy reliance on natural gas imports.

Over the span of a single month, natural gas prices across Europe nearly doubled, sparking renewed debate over the region’s dependence on Gulf energy supplies—an exposure that reaches up to 40% in certain countries. The situation prompted urgent discussions among policymakers on how to address supply shortages and contain rapidly rising energy costs that pose risks to economic stability.

In response to the crisis, some governments began reconsidering earlier decisions to phase out nuclear energy, viewing it as a more stable alternative to balance energy supply.

Market data shows that between Feb. 28 and March 26, gas prices for April futures contracts surged significantly within a short period of roughly 20 days. At the Netherlands’ TTF trading hub—Europe’s most liquid natural gas benchmark—prices climbed by 89.4%, rising from €31.5 ($36.2) per megawatt-hour to approximately €54.5.

Similar upward trends were recorded across the continent. Prices jumped by 81.8% in France, 78.9% in Spain, and 77.4% in Belgium. The UK saw an increase of 75.6%, while the Netherlands recorded 74.7% and Germany 74.1%. In Central and Northern Europe, Czechia experienced a 71.2% rise, Austria 69.7%, and Denmark 69%. More moderate but still notable increases were observed in Lithuania at 48.6%, Finland at 43.6%, and both Latvia and Estonia at 41.55%, according to.

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