Since the beginning of last week, European gas prices have fluctuated between 70 and 75 euros per megawatt-hour. Iranian officials expressed pessimism about reaching an agreement, ending the conflict with the US, and reopening the Strait of Hormuz before the November US midterm elections. The Oxford Institute of Economics predicts that the average price of natural gas in Europe will reach 85 euros per megawatt hour this winter, an increase of 140% over the previous year.

Since the beginning of last week, European gas prices have fluctuated between 70 and 75 euros per megawatt-hour. Iranian officials expressed pessimism about reaching an agreement, ending the conflict with the US, and reopening the Strait of Hormuz before the November US midterm elections. The Oxford Institute of Economics predicts that the average price of natural gas in Europe will reach 85 euros per megawatt hour this winter, an increase of 140% over the previous year.