Gas price tops 100 euro per MWh for first time since 2022, diesel hits record

The European gas price on the Amsterdam gas exchange rose above 100 euro per megawatt hour on Wednesday 28 October 2026. It is the first time the price has passed that level since 2022. On Monday 26 October the price had already reached more than 97 euro, up about 3.5 percent that morning.

The market fears a new escalation of the war in the Middle East. According to the Wall Street Journal, as reported by HLN, the United States has warned several Gulf states to prepare for a short, intense military campaign after the US midterm elections. The newspaper also reports that US President Donald Trump has not yet made a decision.

Gas and oil prices

Early in October the gas price was below 75 euro. Before the war in Iran broke out at the end of February it was about 32 euro. For comparison, in December 2022, during the European energy crisis after Russia invaded Ukraine and gas deliveries to Europe almost fully stopped, the price rose above 340 euro per megawatt hour.

A new escalation could further disrupt gas supply at a time when demand rises with the start of the heating season and European gas storage is historically low. Shipping costs have also risen.

Oil prices rose again on Wednesday after falling for several days. Brent crude gained 1.5 percent to 115.53 dollars per barrel, and US WTI crude rose 1.5 percent to 101.37 dollars. Brent has risen 90 percent so far this year, driven by the Middle East war and disrupted shipping through the Strait of Hormuz. On Tuesday, oil prices had dipped in early trading after reaching their highest level in six months, reacting to new diplomatic efforts in the US-Iran war.

The region remains tense. Houthi rebels in Yemen, backed by Iran, keep attacking Saudi Arabia, including a port, an oil field and a civil airport. According to Reuters, Hezbollah in Lebanon is reportedly preparing a new offensive with Iranian means.

Fuel prices in Belgium

The maximum price for diesel (B7) rises by 6.6 cents to 2.51 euro per litre from Thursday 29 October, a new record. The previous record was 2.501 euro on 22 September 2026.

The maximum price for petrol 95 (E10) falls by 1.4 cents to 1.988 euro per litre, below 2 euro for the first time since early September. Petrol 98 (E5) falls to a maximum of 2.149 euro per litre. Heating oil becomes about 2.5 cents more expensive, at 1.6108 euro per litre for orders of at least 2,000 litres.

Support for households

The Belgian government has approved a higher intervention from the Social Heating Fund this winter for precarious households, after the ministerial council gave the green light on Friday 23 October 2026. The increased intervention applies from 1 December 2026 to 28 February 2027. It is meant to absorb heating oil costs above 1.475 euro per litre.

Energy minister Mathieu Bihet said the most vulnerable households feel the effects of rising heating oil prices most, and that the support is temporarily strengthened. "Heating should never become a luxury," he said.

VRT NWS reports that figures from the Belgian energy regulator CREG show many Belgians pay too much for electricity and gas. It suggests comparing energy contracts.