European Gas Prices Surpass $700

Sanaa: European gas prices surpassed the $700 mark on Tuesday, driven by escalating tensions between the United States and Israel on one side, and Iran on the other. According to Yemen News Agency, the price of April futures contracts at the TTF center in the Netherlands rose to approximately $711 per 1,000 cubic meters of gas, or pound 59.015 per megawatt-hour (based on the current euro-dollar exchange rate; ICE prices are expressed in euros per megawatt-hour), according to Sputnik. European gas prices had already surged by 50% on Monday, reaching $585 per thousand cubic meters, following Qatar Energy's announcement of a suspension of liquefied natural gas (LNG) production due to an attack on its facilities. April futures contracts for the TTF (Tunisian Gas Trading Platform), Europe's largest gas trading hub located in the Netherlands, opened at 10:00 Moscow time at $464.7 (+19.1%). By 15:41 Moscow time, the price had risen to $585.4 (+50%). The price movement is calculated relative to the settlement pri ce of the previous trading day, which was $390.1 per thousand cubic meters. Earlier, Major General Ebrahim Jabari, an advisor to the commander of Iran's Islamic Revolutionary Guard Corps (IRGC), announced the IRGC's intention to "burn any oil tanker attempting to cross the Strait of Hormuz," a statement that could have led to a rise in gas prices.