00:00Gas prices in Europe are climbing fast after US and Israeli strikes on Iran unsettled global
00:07energy markets and revived fears of a wider supply shock.
00:13On Tuesday, Europe's benchmark gas contract, the title transfer facility, surged above
00:19€60 per megawatt hour, a sharp jump from the low 30s at the end of last week.
00:26Analysts say traders are pricing in the risk of disrupted LNG flows, particularly shipments
00:33from Qatar that pass through the Strategic Strait of Hormuz.
00:37Since Russia's full-scale invasion of Ukraine, Europe has cut its reliance on Russian pipeline
00:43gas and turned to seaborne LNG.
00:46That shift has strengthened energy security, but also left the bloc more exposed to global
00:52shipping routes and volatile spot markets.
00:55The timing is sensitive, EU gas storage is around 30% full, below last year's levels,
01:03raising concerns ahead of next winter.
01:06Experts warn that if prices remain above €50 to €60 per megawatt hour, households and
01:12businesses could begin to feel the impact through higher heating and electricity bills.
01:18Energy-intensive industries, including chemicals, steel and fertilisers may also face renewed
01:25pressure, adding strain to Europe's already fragile economic recovery.
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