The European gas price continued its ascent on Tuesday, fueled by unrest in the Middle East. Last week, oil prices surged due to the looming threat of an Iranian retaliatory strike against Israel.

The price on the gas market rose nearly 3 percent on Tuesday morning to 32 euros per megawatt-hour, marking the highest level since January.

Over the weekend, Iran carried out a major retaliatory strike on Israel, firing hundreds of drones and missiles, most of which were intercepted. Despite European and American pressure on Israel to prevent escalation, Israeli officials have stated that the country has “no other choice” but to respond to the Iranian attack.

Since Thursday, the gas price has surged by approximately 18 percent due to heightened geopolitical risks, including potential disruptions to gas deliveries stemming from the Iranian attack and Russian assaults on Ukrainian energy infrastructure.