Europe faces higher gas prices as Poland’s economy accelerates

European gas prices have climbed above 70 euros per megawatt-hour, adding pressure to energy companies, industry and households as the Middle East conflict intensifies and storage levels remain below their recent average.

Benchmark contracts in Amsterdam rose about 5% in a single session, reaching a level not seen since January 2023. The increase followed an exchange of fire between Iran and the United States on Sunday, according to the podcast summary. European decision-makers are increasingly concerned about the conflict’s potential effect on energy costs.

Gas storage facilities across the European Union were more than 63% full, compared with a five-year average of nearly 81%, data from Gas Infrastructure Europe showed. QatarEnergy also extended a force majeure clause in LNG supply contracts with Europe through November. Deliveries from the Gulf may therefore remain delayed until at least November, and even then depend on the Strait of Hormuz reopening.

The podcast also highlighted Poland’s expanding food-service industry. The number of venues rose from 82,700 in 2022 to more than 100,000 in the first half of 2026. Restaurants accounted for nearly 2,000 of the additions, while food trucks increased by almost 700 in six months. More than 83% of Poles surveyed said they liked eating Polish cuisine in restaurants.

Poland’s economy grew 3.9% year on year in the second quarter, up from 3.5% in the first quarter. Investment increased 8.4%, but August inflation reached 3.4%, its highest level in 14 months, driven mainly by higher energy costs. That could delay further interest-rate cuts. Turkey’s plan to restore grain exports through the Black Sea was another topic highlighted in the program.