European gas prices hit highest level since 2022 as Hormuz disruption tightens supply

European natural gas prices have surged to their highest level since December 2022, driven by disrupted Gulf LNG exports and low pre-winter storage.

• Europe's benchmark TTF contract reached 86.2 euros ($96.3) per megawatt-hour on Tuesday, up 2.4%, the highest price since December 2022.
• EU gas storage stood at roughly 73% of capacity, the lowest for this time of year since 2011 and below the 90% target set for November.
• Iranian attacks have disrupted about 17% of Qatar's LNG export capacity, with shipments from Ras Laffan running below pre-war levels.
• Russian Deputy Prime Minister Alexander Novak said Russia sold European countries fuels worth $320.7 billion since 2022 despite Western sanctions.