A sharp rise in oil and gas prices as the war escalates in the Middle East
Oil prices rose today, Monday, in response to the escalation of the conflict in the Middle East, as the United States and Israel last Saturday launched large-scale attacks on Iran, which resulted in the killing of Iranian Supreme Leader Ali Khamenei, and led to retaliatory attacks across the region.
Brent crude prices ranged around $80 per barrel after exceeding $82 in Asian trading on Monday, by 20:50 GMT.
In a related context, the price of gas in Europe rose by more than 50% today, Monday, after Qatar Energy Company announced the suspension of liquefied natural gas production in the wake of An Iranian attack on its production facilities.
At approximately 12:55 GMT, a decade high "TTF" The future, which represents the European reference, increased by more than 48% to reach 47.32 euros per megawatt hour, and this is its highest level since February 2025 when it reached 47.70 euros per megawatt hour.
The biggest risks facing AGlobal oil markets are concerned about the possibility of attacks on the main oil infrastructure in the region, or continued disruption of navigation through the Strait of Hormuz, the narrow waterway at the entrance to the Arabian Gulf, through which approximately one-fifth of global oil shipments pass.
About 20 million barrels of crude oil and refined products pass through the Strait of Hormuz daily, which means that any delays in shipping, no matter how limited, may have major repercussions on supply chains, and oil prices may reach 100%. Dollar per barrel if shipping traffic through the strait does not resume soon, according to the company "Wood Mackenzie" Energy consulting.
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