The Dutch TTF contract, Europe's benchmark gas price, broke above €100 per megawatt-hour on Wednesday afternoon, a level last seen in December 2022, at the height of the energy crisis that followed Russia's full-scale invasion of Ukraine.

The front-month contract traded at €100.37/MWh at 16:00 CET, up over 4% on the day, against around €32 before the Iran war began in late February. The benchmark briefly traded at €100/MWh at around 13:35 GMT, up around 4% from the previous session, according to data from the Intercontinental Exchange (ICE).