War with Iran hits Europe. Gas prices are the highest in four years

Natural gas futures at the Dutch TTF hub rose by 2.29% to €95.98 per megawatt-hour, marking the highest prices since December 2022. Analysts attribute the price increase to ongoing attacks on commercial vessels in the Strait of Hormuz and low gas reserves in Europe ahead of winter. Rystad Energy forecasts global LNG spending to reach $256 billion by 2026, an 18% increase due to supply disruptions. Europe faces a cold November, increasing heating demand, while Norwegian gas exports are limited by maintenance. Gas storage levels in Europe are at 74.6%, with Latvia having the highest reserves, while Germany and Poland face lower supply levels.