European gas prices rise amid supply fears, reaching highest since 2022, Guardian reports

European wholesale gas prices rose on Monday, 26 October 2026. The Guardian and Anadolu Agency both reported the increase. Both linked it to concerns that the conflict in the Middle East threatens supplies.

According to The Guardian, wholesale gas prices in Europe reached €97 (£81) per megawatt-hour on Monday. The newspaper said this was the highest level since 2022. It said temperatures fell and traders priced in stronger demand for heating. The Guardian did not name the benchmark behind the figure.

The UK month-ahead gas contract rose 4% to 240p per therm, its highest level since December 2022, according to The Guardian.

The Guardian said other reports, which it did not name, stated that the US and Israel have drawn up plans for renewed strikes against Iran after the US midterm elections. According to The Guardian, those reports helped push oil as high as $117 a barrel on Friday. Brent crude fell about 2% on Monday but stayed above $114 (£85) a barrel, the newspaper said. The reports reviewed by Vocemundi include no response from the US, Israeli or Iranian governments.

In early trading on Monday, the Stoxx Europe 600 rose 0.3% and the FTSE 100 rose 0.4%. The Guardian linked the gains to the weaker oil price.

Storage and the UK

According to The Guardian, European gas storage is about 75% full, against a seasonal average closer to 80%. It called this the lowest level in more than a decade. It attributed this to slower exports from Qatar and higher summer use for refrigeration and cooling. The reports do not give a source for the storage figures or explain the Qatari slowdown.

The Guardian reported that the UK has some of the smallest gas stores in Europe, after decades of relying on domestic North Sea production. Citing Office for National Statistics figures, it said the UK paid a record £4bn for power imports in the year ending in August. Half was for electricity from France. The newspaper also reported near-record UK payments over the past year to fire up gas plants, while wind and solar farms were paid to switch off because of grid bottlenecks.

British household energy bills are predicted to rise 16% in January, to about £2,000 for a typical annual bill, according to The Guardian. It did not say who made the prediction.

What each side says

Britain's energy regulators expect the UK to pay some of the highest energy costs in Europe this winter because it relies on imports to secure steady supply, according to The Guardian. The reports do not name the specific regulator or quote its statement.

Sourcing note

The reports reviewed by Vocemundi include only Anadolu Agency's headline and summary. Its figures could not be compared with The Guardian's, so most details rest on The Guardian alone.

Analysis

The core development, a rise in European gas prices linked to Middle East supply concerns, is reported by two independent outlets. The specific figures come from a single newspaper. If the reported low storage levels and colder weather persist, pressure on prices could continue through winter. If geopolitical tensions ease or supply improves, prices could fall back. The UK may be more exposed than some neighbours, given its reported small storage capacity and reliance on imports. The unnamed reports about possible strikes on Iran remain unverified. Markets may react further to any official statements from the governments involved.

Produced by the Vocemundi newsroom with AI assistance.