Gas Prices in Europe Are Rising Fast

European gas prices surging due to Iran war

Natural gas prices in Europe have increased a lot this month. The main gas price in Europe is called TTF.

At the start of March 2026, TTF was €38 per megawatt-hour. By March 24, it had risen to €54.

This is a 70% increase in just one month. The reason is the war in the Middle East.

The United States and Israel attacked Iran on February 28. After this, Iran blocked the Strait of Hormuz.

This is a very important sea passage. About 20% of the world's oil and gas travels through this strait.

When the strait is blocked, less gas arrives in Europe. Less gas means higher prices.

In the Netherlands, gas storage is very low — only 6%. Germany has 22% gas storage.

Experts are worried about next winter. Europe needs to fill its gas storage before the cold weather comes.