The price of natural gas in Europe has reached its highest level in over three months due to the conflicts in the Middle East.

On Wednesday, the benchmark TTF futures contract for delivery in a month rose to $36.12 per megawatt hour on the Amsterdam stock exchange.

This is the highest price since the beginning of January.

Over the past week, natural gas prices have risen by more than 20 per cent, making up for the decline in the first few months of the year.

One reason for the rise is investors’ fear of a new war in the Middle East and the potential impact on gas supplies from the region.

The commodity markets are waiting for Israel’s reaction following Iran’s attack on Saturday.

Previously, an unusually mild winter in Europe had caused the price of gas to fall.

The price hit 22.31 euros in February, its lowest level since last summer.

In addition, inventories are unusually high.

The storage level of all European gas storage facilities was 62 per cent.

According to the GIE association, however, the average level for the past five years at this time was only 43 per cent.

(dpa/NAN)