Europe's benchmark gas price crossed €100 per megawatt-hour on Wednesday afternoon, the first time since the 2022 energy crisis. The rise came amid concerns about the Middle East war and Iran war escalation, forecasts of a cold winter and low gas storage. EU Energy Commissioner Dan Jørgensen had warned hours earlier of “another energy crisis” and a difficult winter.
WHO:European gas traders
WHAT:European benchmark gas prices crossed €100 per megawatt-hour.
WHEN:Oct 28, 2026
WHERE:Europe
WHY:Traders were concerned about the Middle East war and possible escalation of the Iran war, alongside forecasts of a cold winter and low gas storage.
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