Natural gas prices in the Netherlands TTF market, the European benchmark, rose more than 5% today, exceeding 84 euros per megawatt-hour and reaching the highest values since January 2023. At 10:30 in Lisbon, the active contract was quoted at 84.005 euros per MWh, a rise of 5.64%. This movement keeps natural gas at the January 2023 highs, when it reached 88 euros per MWh.
This appreciation occurs after natural gas closed last Friday lower, interrupting a series of five consecutive sessions of gains. The upward trend thus returns with force, driven by geopolitical factors in the Middle East region.
Oil also follows the same trajectory, although more moderately. Brent, the European benchmark, was up 2.91% to $107.65 per barrel, having reached $108.49 during the early hours. The increase in tensions between Tehran and Washington contributes to this pressure on energy prices, while the Saudi company Aramco announced the closure of the East-West pipeline as a precaution after drone attacks launched from Iraq.
The worsening situation in the region also led to the postponement of the meeting scheduled for today between Iran and several Gulf nations, which aimed to discuss establishing safe navigation routes in the Strait of Hormuz. The meeting was postponed without a new date set.
