European gas prices rose following Israel’s decision to halt production at its Tamar field due to the severe attacks originating from Gaza.
The Israeli energy department announced that the nation will explore alternative fuel sources in response to the escalating conflict that has resulted in over 1,100 fatalities since the weekend.
Chevron, the operator of the Tamar field, verified that the ministry directed them to cease operations. The field is situated approximately 15.5 miles from Ashdod city on Israel’s southern Mediterranean shoreline.
Meanwhile, Leviathan, Israel’s biggest offshore gas field, remains operational, according to Chevron.
Europe’s leading contract, the Dutch front-month futures, witnessed a 13.4% hike today, reaching over €43 per megawatt hour, up from €38 last Friday.
The surge in prices was initially linked to the rise in oil prices due to Middle East tensions. Concerns about energy supply further intensified after a leak was detected in a Baltic pipeline.
