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Oil and natural gas prices continued to climb today after surging on Monday in the wake of US-Israeli strikes on Iran and Tehran’s response across the region. Natural gas in Europe jumped to more than EUR 65 per MWh, while Brent crude oil rose to over USD 85 a barrel.
On Monday, Iran threatened to “set fire” to any vessel attempting to pass through the Strait of Hormuz, one of the world’s key waterways for oil and liquefied natural gas (LNG) shipments.
At the same time, Qatar, one of the world’s largest LNG exporters, halted production following an attack on its facilities.
The benchmark European gas price – the Dutch front-month gas contract at the TTF hub – spiked as much as 51% today to more than EUR 65 per MWh, before reversing some of the gains, to change hands for around EUR 56 per MWh.
The price of Brent crude oil reached over USD 85 per barrel in today’s trading, compared to just USD 73 per barrel prior to the start of the bombing. The price was 6.9% in the green in the afternoon, at USD 83.46 per barrel.
Experts have warned that crude oil prices could rise above USD 100 per barrel if the conflict is prolonged.
OPEC+ will boost oil output by 206,000 barrels a day in April
In response to the evolving crisis, the eight OPEC+ countries – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman – agreed to increase oil output by a total of 206,000 barrels per day. The adjustment will be implemented in April 2026, according to a statement from the Organization of the Petroleum Exporting Countries (OPEC).
For its part, the European Commission said that it was closely tracking both energy price and supply developments and that it would form an Energy Task Force with member states, in liaison with the International Energy Agency (IEA). Its first meeting is expected this week.
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