Oil and natural gas prices continued their upward trajectory for another day. Brent crude oil is approaching $114 per barrel in Friday’s (23/10) trading session, reaching its highest level in more than five months, as tensions in the Middle East escalate — with Houthi attacks on Saudi targets and reports of potential new U.S. strikes against Iran.
Read also: Energy price hikes: Market does not rule out new U.S. strike on Iran — Brent crude surpasses $112, natural gas above $90
Against this backdrop, U.S.-grade WTI crude oil is also trending higher, trading around the $100 per barrel mark. Meanwhile, European natural gas prices continued their upward climb, reaching €91 per MWh on Friday (23/10) — a new multi-year high — as ongoing supply disruptions from the Persian Gulf keep the global liquefied natural gas (LNG) market in a tight position ahead of winter.
Oil and natural gas prices on the rise
European natural gas prices have risen 4% this week, posting gains for the fourth consecutive week. LNG shipments from the Middle East remained approximately 80% below prior-year levels, setting the stage for intensified competition between Europe and Asia — the world’s two largest importing regions — for available cargo supplies.
