Europe's Gas Prices Rise Ahead of Winter but Remain Below 2022 Peaks, Expert Says

European natural gas prices have risen to their highest level since the onset of tensions involving Iran, according to energy expert Bill Farren-Price, though he noted the current levels remain well below the peaks recorded in 2022.

"We are now at the highest price since the start of the Iran crisis but still much lower than the peaks we saw in 2022," Farren-Price was quoted as saying by Anadolu Agency.

The comments come as Europe heads into the winter season, a period historically marked by heightened demand for natural gas used in heating and electricity generation. Energy markets across the continent have faced repeated volatility in recent years, driven by a combination of geopolitical tensions and supply disruptions.

In 2022, European gas prices surged to record highs following disruptions to Russian pipeline supplies after Moscow's invasion of Ukraine, forcing governments across the region to seek alternative sources of energy and implement measures to curb consumption.

According to Anadolu Agency, the current price increase is being linked to developments connected to Iran, though the report did not specify further details on the scale of the price rise or additional market factors involved.

Analysts have previously noted that European energy markets remain sensitive to geopolitical developments in gas-producing regions, given the continent's continued reliance on imported liquefied natural gas and pipeline supplies to meet winter demand.