The current price represents a retreat from last week’s four-year peak of 101.82 euros, a level not seen since the initial energy crisis triggered by the Russian invasion of Ukraine. Despite the morning dip, anxiety remains elevated. Market participants are hedging against the possibility that any new U.S. strikes on Iran could further destabilize supply chains already strained by limited liquefied natural gas arrivals.

Energy security remains precarious as the continent enters the heating season. QatarEnergy has extended its force majeure on deliveries through December 2026, severely restricting vital LNG flows. Compounding this, Gas Infrastructure Europe reports that storage levels stood at 74.33% as of November 3, lagging significantly behind the five-year average of 86%. With withdrawals now underway, the International Energy Agency warns that global markets will remain tight, leaving Europe vulnerable to price volatility should geopolitical tensions in the Middle East intensify.