MOSCOW, August 1. Europe’s average gas price climbed 50% year-on-year in July to about $637 per 1,000 cubic meters amid renewed Middle East tensions, according to ICE exchange data and TASS calculations. Gas futures were trading at around $510 per 1,000 cubic meters on June 30, but closed at $709 on July 31, marking a 39% increase from the previous month. In addition, Europe’s gas price in July was 55% above the average level recorded in July 2025 and 19% higher than in June.