European gas prices climb back toward record levels

European gas prices are again nearing their highest level since the start of the Iran war after renewed military strikes by the United States and Iran.

The benchmark TTF contract for delivery in one month traded at 69.13 euros per megawatt-hour on Monday at the Amsterdam exchange. That marked a rise of more than 3% from Friday and left prices just below the March peak of slightly above 70 euros.

Gas prices have generally moved higher for about three weeks, increasing by roughly one-third over that period. The geopolitical situation in the Middle East remains the main focus for markets.

US forces reportedly attacked two missile-launch sites near the Strait of Hormuz, citing a US official, in the first such strikes in Iran since late July. Iran quickly responded with retaliatory attacks on US military bases.

European gas prices have risen more sharply than crude oil in the latest escalation. Oil prices have at times fallen in recent weeks, while gas futures have remained elevated. The conflict and the reported blockade of the Strait of Hormuz, an important route for energy shipments, are supporting gas prices, as are comparatively low gas-storage levels in Europe.