Oil and Gas Prices Surge as Strait of Hormuz Attacks Disrupt Persian Gulf Flows

majandus.postimees.ee (Sundanese) —

Oil prices rose above $110 per barrel on Tuesday, while European natural gas prices climbed over 89 euros per megawatt-hour, nearing 2022 crisis levels. Tanker attacks in the Strait of Hormuz have reduced Persian Gulf oil flows and heightened fears of worsening supply disruptions. Brent crude exceeded $110 at the start of trading, its highest level in five months, while US WTI oil rose above $100. Energy markets are increasingly pessimistic about a quick recovery of supplies from the Persian Gulf region. The price surge reflects growing concerns over shipping security and supply reliability, with natural gas costs now roughly three times higher than a year ago.


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