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Oil prices near $100 as Middle East tensions lift crude
European natural gas jumped to the highest level since 2022 as low inventories raised fears of winter supply shocks.
Oil prices rose toward the $100 level as renewed Middle East tensions, including Houthi attacks and U.S. strikes on Iranian-linked tankers, rattled energy markets, OilPrice reported.
In Europe, natural gas prices surged to about €75 per MWh, around $25.5 per MMBtu, the highest since 2022 and more than double from a year ago, driven by low storage and rising concern about potential winter supply disruptions.
The outlet added that European gas inventories are about 66% full, with Germany and the Netherlands particularly exposed ahead of winter, at roughly 54% and 48% respectively.
OilPrice also cited LNG supply and pricing pressures, noting that the EU has not imported any Qatari LNG since early April, equivalent to 8% of its 2025 imports, while LNG delivered into northwest Europe and Asia’s JKM rose to around $24.5 per MMBtu this week.
Latest closeWTI crude $90.70 ▲0.5%|Nat gas $3.008 ▲3.6%