Oil and gas prices continued to rise sharply on Tuesday as the war involving Iran unsettled financial markets worldwide.
The price of Brent crude increased by more than 8% to USD 85.12 per barrel, the highest level since July 2024. Meanwhile, the price of WTI crude rose by more than 7% to USD 76.47 per barrel.
On the Dutch Title Transfer Facility (TTF) exchange, natural gas prices climbed by more than 33% on Tuesday, after surging nearly 40% on Monday. The increase followed an announcement by Qatar’s state energy company, QatarEnergy, that
it had suspended liquefied natural gas (LNG) production due to Iranian drone attacks on facilities at two of its plants.
At the same time, tanker traffic through the Strait of Hormuz has nearly come to a halt because of the conflict. Approximately one-fifth of global oil and liquefied natural gas exports pass through the strait.
Analysts note that rising energy prices could pose new challenges for central banks worldwide, as they attempt to curb inflation while cutting interest rates to support their economies.
Read also: Netanyahu’s Iran plan: friendly government or internal chaos – both useful