Natural gas and oil prices surged sharply on Wednesday (9/9) as the latest escalation of conflict in the Middle East, combined with recent attacks by the United States and Iran on shipping vessels, fueled growing uncertainty across energy markets. European natural gas prices briefly surpassed the €80 per megawatt-hour threshold during intraday trading, reaching as high as €80.99 — the highest level recorded since January 2023.
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Shortly before 17:40 local Greek time, the TTF futures contract — the primary benchmark for the European natural gas market — was trading at €79.21 per megawatt-hour, posting a gain of 4.44%. Adding to the upward pressure, below-seasonal European natural gas storage levels are heightening market anxiety ahead of the winter heating season.
Brent crude breaks above $100 per barrel
Oil prices also climbed, with Brent crude crossing the $100-per-barrel mark for the first time since July 24. At 17:15 Greek time, Brent futures were up $2.74, or 2.8%, trading at $100.66 per barrel, having earlier touched a high of $100.95.
US West Texas Intermediate (WTI) crude also rose by $2.74, or 3%, to $95.77 per barrel, hitting its highest level since early June.
