European gas prices soar to four-year high over winter supply fears

European gas prices have surged to levels not seen since 2022 due to supply concerns and geopolitical tensions. Wholesale prices reached €97 per megawatt-hour as demand for heating increased with falling temperatures. The UK's gas contract also rose significantly, reflecting similar trends. Fears of supply disruptions in the Middle East, particularly regarding Iran, have contributed to rising oil prices, which remain high despite a slight retreat. Europe faces a gas storage shortage, with reserves at their lowest in over a decade, impacting winter supply. The UK is expected to incur some of the highest energy costs in Europe this winter, with households facing rising bills.