Natural gas prices in Western Europe rose more than 8% on Wednesday, according to data from the London Intercontinental Exchange (ICE). The cost of gas futures for July delivery at the Title Transfer Facility (TTF) hub in the Netherlands saw an increase by 8.4% to $429.8 per thousand cubic meters, or €37.055 per megawatt-hour in household terms. The surge has occurred amid rising tensions in the Middle East, a crucial energy supplier and an essential oil shipping passageway. In particular, the escalating conflict between Israel and Gaza that could spread to the whole region.
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