Natural gas trading on the TTF - the Netherlands-based virtual natural gas trading point - saw a 1.4% increase to €168 per megawatt-hours at 1330 GMT on Thursday as Russian attacks on Ukraine intensified.
Natural gas prices for April futures contracts on the TTF opened at €180 per megawatt-hours, posting an 8.7% rise compared to the previous trading session.
Natural gas prices hit as high as €198.56 in intraday trading, rising 20% compared to the previous trading session, as fears of supply disruptions increased amid the ongoing Russia-Ukraine war.
Prices are rising on concerns that the conflict will result in damage to natural gas infrastructure and the possibility of interrupting gas flow from Russia's bombing and missile attacks against Ukraine.
If the war continues, the likelihood of sanctions being imposed on oil and natural gas exports rises, pushing prices even higher.
Meanwhile, Russia and Ukraine are due to hold a second round of talks later Thursday in Belarus. Talks on Monday failed to yield any agreements.
€1 equals 15.66 Turkish liras at 1330 GMT on Thursday.
By Zeynep Beyza Kilic