Oil Prices Surge Toward $100 Amid Houthi Attacks and Middle East Tensions
Source Summary
Oil prices are rising toward $100 per barrel as Houthi attacks, U.S. strikes on Iranian tankers, and escalating Middle East tensions disrupt energy markets. European natural gas prices have jumped to €75 per MWh ($25.5 per MMBtu), the highest level since 2022 and more than double the price from a year ago, driven by low continental inventories and winter supply concerns. The EU has not imported Qatari LNG since early April when the Al Nuaman LNG carrier delivered its cargo to Rovigo, Italy.
Why it matters
Geopolitical disruptions to oil and gas supply chains directly drive energy price volatility that affects global inflation, industrial costs, and consumer energy bills.
