Gas prices in Europe continue to rise as winter supply concerns grow

European gas prices have risen by another four per cent, surpassing $950 per 1,000 cubic metres for the first time since December 2022, according to data from the London-based ICE exchange.

The data indicate oil prices are also rising amid uncertainty over Middle Eastern supplies following a new escalation between the United States and Iran, Caliber.Az reports.

Gas prices are increasing in response to concerns that Europe could enter the heating season with gas storage levels at a record low of 70–75 per cent of capacity.

Experts expect storage levels to rise to unprecedented levels during the winter.

By Bakhtiyar Abbasov