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Gas price in Europe surpasses $700 per 1,000 cubic meters first since late March

The price of August futures contracts at the TTF hub in the Netherlands has jumped to around $716 per 1,000 cubic meters

MOSCOW, July 20. /TASS/. The price of gas on the exchange in Europe surpassed $700 per 1,000 cubic meters during Monday trade for the first time since March 23 amid a new round of escalation between the US and Iran in the Middle East, according to data from London’s ICE.

The price of August futures contracts at the TTF hub in the Netherlands has jumped to around $716 per 1,000 cubic meters, or 60.515 euro per MWh (based on the current exchange rate of euro to dollar, figures for ICE are presented in euros per MWh).

The price growth since the beginning of the day has exceeded 5%.

A new round of escalation of the US-Iran conflict began on July 8. For the first time since the signing of the memorandum between Washington and Tehran, US armed forces launched several series of strikes on the territory of the Islamic Republic, ostensibly in response to an attack on a merchant vessel in the Strait of Hormuz. That same day, US President Donald Trump announced the end of the truce with Iran. In a retaliatory move, Tehran began striking US facilities in the Middle East located in Bahrain, Jordan, Qatar, Kuwait, the UAE, and Oman.