Gas prices in Europe jump 3 percent to 98.2 dollars per megawatt/hour

The rise comes amid supply disruptions due to tensions and the targeting of tankers in the Strait of Hormuz.

According to data from the European Statistical Office "Eurostat", the European Union relies on foreign sources to cover 96 percent of its oil needs and 85 percent of its gas needs.

Gas stocks in European Union countries reached about 71.5 percent as of this October, compared to a seasonal average estimated at about 92 percent, according to Gas Infrastructure Europe.

Europe's imports of liquefied natural gas from the United States accounted for about 57 percent of total supplies, following a decline in supplies from Gulf countries after the outbreak of the war on Iran.

The crisis is deepening with Europe's increased reliance on liquefied natural gas, following the decline in Russian gas supplies since the start of the war in Ukraine in February 2022.

Energy supplies through the Strait of Hormuz have faced disruptions since the outbreak of the US-Israeli war on Iran on February 28, amid disputes over navigation in the strategic strait for global energy and commodity supplies.

Rising fuel prices were also among the reasons that led to protests in a number of European countries, including France, Italy, Portugal, Belgium, Albania, and Serbia, as the damage to energy supplies reflected on the costs of living and housing.

These developments come in light of rising European defense spending to support Ukraine, according to the European Central Bank, which has reflected on the volume of funding allocated to some social sectors.