By Nuran Erkul Kaya
LONDON (AA) - Natural gas prices in Europe rose by 7.5% on Tuesday, driven by escalating tensions in the Middle East.
The gas price per megawatt-hour for May futures contracts on the TTF, the Netherlands-based virtual natural gas trading venue with the most depth in Europe, closed on Monday at €31.14 ($33.10).
Natural gas prices surged 7.5% to €33.50 ($35.62) per megawatt-hour, closing higher than on Monday as rising tensions between Israel and Iran threaten to disrupt global supply.
Europe has also become more vulnerable to developments in global markets as pipeline gas flows from Russia to Europe have almost completely ceased due to the ongoing war between Moscow and Ukraine.
Although the winter season is over, developments in global markets are fueling concerns over supply, reflected in higher prices.
Natural gas storage in Europe is 62.04% full as of April 16.