European Gas Prices Hit Highest Level Since 2022 Crisis After Saudi Pipeline Shutdown

Europe's benchmark natural gas price at the Dutch TTF hub jumped 6 percent at the Monday, September 14, 2026 (23 Shahrivar 1405) Amsterdam market open to $97.31 (84.275 euros) per megawatt hour, according to Oilprice.com, the contract's highest level since the winter 2022 to 2023 energy crisis and above its January 2023 level. The main driver was the precautionary shutdown of Saudi Arabia's strategic East to West pipeline, which carries crude to Red Sea ports without passing through the Strait of Hormuz and has been offline since last week's drone attack.

Per Oilprice.com, European gas storage sites are less than 70 percent full for this time of year, compared with 82 percent a year earlier and a five year average above 80 percent, leaving Europe heading into winter with one of its lowest storage levels in two decades. Go Katayama, an analyst at intelligence firm Kpler, told Bloomberg there is potential for a global fight for fuel if winter turns colder, a warning that also has a bearing on Iran's domestic market given some industries' exposure to global energy prices.