European natural gas prices have surged past €80 per megawatt-hour for the first time in over three years. The persistently elevated prices could further fuel inflation and expose the region to the risk of a broader crisis.

Benchmark gas futures climbed as much as 6.8% to €80.98 per megawatt-hour, marking the highest level since January 2023. While prices remain well below the peaks witnessed during the energy crisis, they have more than doubled since the outbreak of the Middle East conflict.

With winter demand expected to rise, the risk of further pressure on gas prices is intensifying, which could potentially escalate into a wider economic problem.