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Global energy markets are experiencing significant turbulence as escalating tensions in the Middle East coincide with supply concerns, sending gas and oil prices higher.
Natural gas futures in the UK surged as much as 26%, reaching a three-year high, amid concerns that domestic stockpiles are below 30%, making the British market vulnerable to external shocks. European gas futures also jumped, climbing 36% to 58 euros per megawatt-hour following strong gains in the previous session.
The price increases followed threats in the Middle East, specifically between the United States and Iran. Washington signaled its readiness to escalate strikes, while Tehran issued warnings to ships crossing the Strait.
Oil prices also responded strongly, with Brent crude rising more than 4% to around $81 a barrel, adding to gains exceeding 6% in the previous session.
Approximately 15% of European gas imports are potentially at risk due to the production halt in Qatar, while EU storage levels are at 31% capacity.
