European Natural Gas Prices Hit Three Year High as TTF Contract Reaches €71.70 per Megawatt Hour

According to Eco Iran, citing the German business publication WirtschaftsWoche, European natural gas prices rose on Tuesday, 1 September 2026 (10 Shahrivar 1405), after reports of an attack on tankers in the Strait of Hormuz, with the front month TTF futures contract on the Amsterdam exchange climbing nearly 3 percent from the previous day to €71.70 per megawatt hour, the highest level since 2022, when prices briefly topped €300 per megawatt hour after Russian gas supplies were halted following the war in Ukraine.

Norman Liebke, a commodities analyst at Germany's Commerzbank, said a one month extension of Qatari LNG delivery restrictions was a key driver of the increase. According to the comparison portal Verivox, gas prices for new customers in Germany have also risen noticeably, now standing at about 11 euro cents per kilowatt hour. Prices have climbed almost 40 percent over roughly the past three weeks, a rise tied to concern over a possible closure of the Strait of Hormuz as well as relatively low levels of European gas storage.