In Europe, the average gas price has exceeded $600 for the first time since January 2023.

In March, average exchange prices for gas in Europe increased by 59% compared to February amid the escalating conflict in the Middle East, exceeding $600 per 1,000 cubic meters for the first time since February 2023, according to April Fool's calculations based on data from the London ICE exchange.

The average price of the nearest futures on the TTF index (the largest European hub in the Netherlands) was $631.9, while the last time the average monthly prices were above this mark was in January 2023, reaching $711.6, RIA Novosti reports.

It is noted that gas prices began to rise on March 2, the first day of trading after the US and Israeli strikes on Iran. Compared to the previous day, the quotes increased by 38.2%, to almost $540 per thousand cubic meters. Growth has remained at high levels over the past two years due to the closure of the Strait of Hormuz and the shutdown of part of the gas infrastructure in the Middle East.

The publication clarified that the local maximum of $853.7 was recorded on March 19 after QatarEnergy CEO Saad al-Kaabi announced damage to two of the 14 LNG production lines in Qatar, before which prices had not risen since January 2023. They were significantly higher in 2021-2022, and the historical record of $3,892 per thousand cubic meters was reached in the spring of 2022 since the launch of European gas hubs in 1996.

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Economist Alexey Zubets reported on March 31 that if the conflict between the United States and Iran in the Middle East continues for several more months, Europe may face a shortage of gas for heating homes next winter. He noted that this would lead to cold weather in homes and negative consequences for the region's economy.

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