European natural gas surpasses €100 per MWh amid supply concerns
Natural gas prices in Europe just shot past €100 per megawatt-hour, a level not seen since late 2022.
The jump is mainly because the region is heading into its peak demand season, with colder weather expected to lift demand in the next few days.
Supplies are running low, and conflicts in the Middle East could disrupt deliveries. This has brought back memories of the big spikes after Russia invaded Ukraine.
Fossil fuel bills up over €100B
With fossil fuel bills up by over €100 billion since the Middle East conflict started, everyday life is getting pricier for households and businesses across Europe.
European Union energy chief Dan Jorgensen put it simply: "Once again, due to geopolitical turbulence, Europe faces another energy crisis."
The price surge isn't just about gas: oil and electricity are also more expensive now, leading to social tensions and stress for manufacturers.
The European Union has asked member states to consider measures to curb energy demand.