Gas prices in Europe soar amid Israel's strikes on Iran: worst-case scenario named.

Over the past five weeks, natural gas prices in Europe have surged due to the recent escalation of the conflict between Israel and Iran. Gas futures rose by 6.6% on Friday, along with a sharp increase in oil prices.

Israeli airstrikes and the threat to energy markets

At the summit in Amsterdam, futures for the Dutch gas benchmark rose by 5.38% to 38.13 euros per megawatt-hour following Israeli airstrikes on Iranian territory. This conflict has visibly undermined supply stability through the Strait of Hormuz, a key route for transporting gas and oil.

The Qatari factor and issues in Norway

The Gulf countries have a significant influence on global LNG supplies. The gas-to-oil switching process is becoming increasingly popular in this region. However, any disruptions in supplies can lead to significant price fluctuations for gas. Moreover, technical issues in Norway create additional pressure in the market, as it is a country with some of the largest gas flows to Europe.

The stark escalation of the conflict between Israel and Iran has resulted in a sharp increase in natural gas prices in Europe. All these factors are hitting the energy market and may reflect on prices for consumers.

The recent escalation of the conflict between Israel and Iran has led to a rapid increase in natural gas prices in Europe, as it disrupted the stability of gas and oil supplies through key transport routes. Issues arising in the Gulf countries and Norway only intensify the pressure on the energy market and may impact end prices for consumers.