The average natural gas price in Europe has risen to a three-year high, RIA Novosti reports, analyzing data from the London ICE stock exchange.

As of Monday, the calculated price according to the TTF index reached $675 per thousand cubic meters. This is the highest figure since January 23, 2023, when the price was almost $745.

Natural gas prices in the European market have begun to rise sharply since the start of the conflict in the Middle East. Last week, the Qatari state-owned company QatarEnergy announced the suspension of production of liquefied natural gas (LNG) due to attacks by Iranian drones. Moreover, most of this production is sent to EU countries. The day before yesterday, the price of natural gas exceeded $800 per thousand cubic meters.

Analysts say that if the aforesaid conflict drags on, Europe could face a price shock comparable to the situation in the spring of 2022, when prices reached $3,892 per thousand cubic meters.

The situation is further complicated by low natural gas reserves in local underground storage facilities. According to the European association of gas infrastructure operators, only 29.4% of the natural gas reserves are currently available there. This is one of the lowest figures for this period of the year since 2011.

Energy pressure in Europe is also intensifying amid a refusal to import Russian natural gas. According to Kirill Dmitriev, CEO of the Russian Direct Investment Fund, Europe has lost more than 1.3 trillion euros because of this.

However, in mid-October last year, the Council of the European Union approved a plan to phase out Russian natural gas deliveries starting from January 1, 2026. A transition period for existing contracts will be in place until January 1, 2028. For short-term agreements concluded before June 17, the ban on imports of Russian LNG will come into effect from April 25, 2026, and for pipeline natural gas—from June 17.