European gas prices climb back to 2023 peaks as Iran war persists

The Dutch front-month contract at the TTF hub, the benchmark price for Europe, hit its highest since early January 2023, jumping nearly 25 per cent to €66.50 per megawatt hour. By 10:01 GMT it was trading at €61.60/MWh, a 15.7 per cent rise, ICE data showed.

It had previously hit the highest since January 2023 on March 3.

The British April contract, which rose 20 per cent earlier in the session, was trading 15.4 per cent higher at 158.60p per therm.

"Developments in the Middle East will continue to dominate price movement. The choice of Khamenei’s son as the Iranian’s new supreme leader, considered a hardliner, and Trump weighing deployment of ground forces, certainly point towards the war lasting ever longer," said LSEG analyst Ulrich Weber.