European natural gas prices surged to nearly 100 euros per megawatt hour on Monday, October 26, 2026. The futures contract on the Amsterdam exchange hit 97.64 euros, a nearly three percent increase from Friday and the highest price level since late 2022.
The market reflects rising geopolitical tensions as the U.S. evacuates Middle East diplomats and President Trump suggests potential strikes on after November 3. Iran is preparing retaliation, threatening LNG transport through the .
Gas prices have tripled since early 2026, prompting to accelerate storage efforts. was ordered to procure more gas in September. Current German storage levels sit at 61 percent, down from the 75 percent capacity recorded exactly one year ago.