The price of natural gas in the Netherlands, the largest market in Europe, has surged by more than 25% this January, driven by renewed geopolitical tensions, particularly the clash between US President Donald Trump and European Union leaders over the American magnate's intentions to annex the EU. The price of gas on the TTF (the Dutch market) closed at €28.161 per megawatt-hour (MWh) in 2025, compared to over €36 on Tuesday. In the Spanish market, Mibgas, the price closed at €30.19 per MWh in 2025, but was above €37 on Tuesday.