European natural gas prices rose roughly 6% at Monday’s market open in Amsterdam, sending front-month Dutch TTF futures to around €80 per megawatt-hour, their highest level since early 2023. The move followed a Saudi pipeline shutdown amid wider escalation across the Middle East, raising concerns about energy flows through key trading corridors. TTF prices are now more than 150% above their level before the latest intensification of Middle East conflicts. LNG, or liquefied natural gas, became Europe’s main alternative after Russian pipeline supplies collapsed in 2022, but shipments remain exposed to disruption in the Gulf. European inventories are below historical norms ahead of winter, prompting the International Energy Agency to urge emergency measures and demand-side strategies. Brent crude has also consolidated above $102 a barrel, reinforcing concerns about a broader supply shock. Higher gas prices could lift electricity costs and headline inflation, complicating the European Central Bank’s efforts to ease monetary policy gradually. A prolonged shock could also revive pressure on energy-intensive industries, which curtailed production or relocated capacity during the 2022 crisis. The IEA’s appeal suggests tools such as demand reductions and strategic stock releases could again be considered if disruptions persist and inventories decline further.