Gas prices have risen in Europe due to the war in the Middle East, reports Bloomberg.

Liquefied natural gas and increased supplies from Norway slightly slow down further increases in natural gas prices in Europe. The region is expected to cool down at the end of the month, which will test the energy infrastructure.

Prices in the region have risen due to the war in the Middle East, causing a new wave of market volatility. Benchmark futures rose 2.2% following Oct. 21 oil prices. Market concerns are associated with a possible escalation of the conflict between Israel and Iran, which could affect fuel supplies.

Gas prices have fluctuated recently due to geopolitical risks, highlighting the vulnerability of fuel supplies as the heating season begins. The risk of closing the Strait of Hormuz is becoming a key issue for gas markets, through which liquefied natural gas and oil supplies pass.

“Expectations of an Israeli response to the October 1 attack are still troubling markets, keeping prices at 39-40 euros per megawatt-hour until the geopolitical situation is clarified,” said Florence Schmit of Rabobank.

Cold temperatures are expected at the end of the month, which will test the energy infrastructure. Supplies from Norway have increased, providing Europe with fuel. Dutch futures, the benchmark for European gas, rose 2.0% to 39.97 euros per megawatt-hour.

Gas prices in Europe reached their highest level this year before the start of the heating season due to war in Ukraine and the Middle East. The contract for the transit of Russian gas through Ukraine will end by the end of 2024, which poses a problem for Austria, Slovakia and Hungary.