European gas prices climb above $700 for first time since March

European gas prices rose above $700 per 1,000 cubic metres during trading on July 20 for the first time since March 23, according to data from the London-based ICE exchange, as tensions between the United States and Iran continued to escalate.

The price of the August futures contract at the Dutch TTF hub climbed to around $716 per 1,000 cubic metres, or €60.515 per megawatt-hour, with prices on the ICE exchange quoted in euros per megawatt-hour, Caliber.Az reports, citing Russian media.

Gas prices gained more than 5% during the trading session.

The latest escalation in the US-Iran conflict began on July 8, when US forces launched several rounds of strikes against targets in Iran for the first time since the signing of a memorandum between Washington and Tehran, citing an alleged attack on a commercial vessel in the Strait of Hormuz.

Later that day, US President Donald Trump announced the end of the ceasefire with Iran. In response, Tehran launched strikes against US facilities across the Middle East, targeting sites in Bahrain, Jordan, Qatar, Kuwait, the United Arab Emirates and Oman.

By Bakhtiyar Abbasov