European natural-gas prices climbed to their highest level in nearly four years Tuesday, driven by escalating Middle East attacks and unusually low storage levels ahead of winter. The front-month November Dutch TTF natural-gas futures contract, Europe's benchmark, rose 1.8% to 85.85 euros a megawatt-hour, its highest level since December 2022. Prices remain well below the 300-euro level reached during the 2022 energy crisis but have surged more than threefold so far in 2026 after shipping disruptions in the Strait of Hormuz stranded nearly a fifth of global LNG flows.
European Union gas storage facilities are around 73% full, well below the five-year average of 89%. The European Union requires member states to fill natural-gas storage to at least 80% by November 1.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing