EU gas prices hit highest since 2022, surpassing €97/MWh amid Middle East conflict

European gas prices rose 3.3% to exceed €97/MWh, the highest level since 2022, as Middle East conflict continues to disrupt supply expectations. The price surge reflects heightened geopolitical risk premium and potential supply disruptions, though actual physical supply impacts remain uncertain. This marks a significant escalation in energy market stress, with implications for inflation and economic growth in Europe.

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