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The US-Israeli attacks on Iran and its response against countries across the Middle East have pushed up prices of oil and natural gas around the world. Crude oil prices initially jumped more than 12% today, as natural gas in Europe has soared by over 40%.
Brent crude, a benchmark in oil trading, surged to over USD 82 per barrel. It then retreated to around USD 79 per barrel but remained well above the price before the conflict.
Both Brent and WTI jumped by more than 10%
The price of the West Texas Intermediate (WTI) crude oil eased gains to slightly over USD 72 per barrel after rising more than 12% to over USD 75 a barrel.
The price spikes came after several ships were attacked over the weekend near the Strait of Hormuz, in the south of Iran, through which about 20% of the world’s oil and liquefied natural gas (LNG) is shipped, according to reports.
Analysts quoted by news agencies have warned that oil prices could rise above USD 100 a barrel if the conflict continues.
Natural gas prices in Asia soared by nearly 40%
As for natural gas, the benchmark European price – the Dutch front-month gas contract at the TTF hub – has increased by more than 40% to nearly EUR 45 per MWh. At one point, the increase was over 50%.
In the morning, benchmark LNG prices in Asia surged by as much as 39%, according to Reuters.
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