Gas prices in Europe exceed $700 for first time since late March

European gas prices exceeded $700 per 1,000 cubic meters during morning trading for the first time since March 23, according to data from the London-based ICE exchange, Report informs.

The price dynamic comes against the backdrop of a new wave of escalation between the United States and Iran in the Middle East, market data noted.

The cost of August futures at the TTF hub in the Netherlands rose to approximately $716 per 1,000 cubic meters, or €60.515 per megawatt-hour, based on current euro-to-dollar exchange rates (ICE prices are presented in euros per MWh).

The price increase exceeded 5% since the start of the trading day.