MOSCOW, July 1. /TASS/. The average price of gas in Europe rose by 11% in the first half of 2026 year-on-year to $515 per 1,000 cubic meters driven by the Middle East conflict and the need to begin filling storage facilities early for the winter season, according to data on futures from the London-based ICE exchange and calculations by TASS.
This figure also exceeded the levels seen in the second half of last year by 35%. Moreover, the price of gas in Europe in June was 22% higher than the average quotes for June 2025, even though it fell by 6% compared to May.
While natural gas futures traded at around $554 per 1,000 cubic meters on May 29, trading closed at around $510 on June 30, 8% lower than at the end of the previous month.
The price of gas at European hubs was $481 per 1,000 cubic meters in the first quarter of the current year, and $550 in the second quarter.
The rise in gas prices during the first half of the year was primarily driven by the Middle East conflict and the global gas market crisis resulting from the closure of the Strait of Hormuz, through which one-fifth of global supplies pass. All of this led to higher gas prices in Europe and Asia; as these regions compete for available market volumes, they drive prices upward.
