European gas prices surged to their highest levels since 2022 as Middle East tensions escalated, with TTF benchmark jumping 39% to €44.51 per MWh. The crisis was triggered by Iranian drone strikes on QatarEnergy, the world's largest liquefied natural gas producer, forcing production halts and creating a scramble for alternative suppliers. European storage levels have fallen to just 30%, with Dutch reserves at a concerning 10%.

Despite the sharp price spike and near-closure of the Strait of Hormuz, the European Commission maintains a measured stance. Energy spokesperson Anna-Kaisa Itkonen stated Brussels is not yet "seeing anything of concern" due to supply diversification efforts. The Commission plans to convene an energy task force with member states and the International Energy Agency this week, though it has not yet organized a meeting of gas experts specifically.

The crisis echoes the 2022 gas emergency following Russia's invasion of Ukraine, when prices remained elevated for nearly six months. While the Commission urges against panic, analysts warn that a prolonged disruption could have severe economic and political consequences across the continent. The situation highlights Europe's continued vulnerability to energy supply shocks despite diversification efforts.