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Wholesale gas prices in Europe rose to a 10-week high above €32 per megawatt-hour, driven by expectations of higher demand and geopolitical tensions related to Iran. The next month's gas futures contract at the TTF trading hub saw an almost 5% increase, nearing €31.7 per MWh.

Prices exceeded €32 in the morning, the highest since November 4 of the previous year. Protests in Iran against the theocratic regime, ongoing for over two weeks, have reportedly resulted in hundreds of casualties and increased the risk of LNG supply disruptions. Temperatures in Northwestern Europe are expected to remain at current levels until the weekend, then decline, which may further increase heating demand.