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Oil climbs above $102 as Middle East tensions and Russia attacks raise energy risk
Brent reached $102.17 per barrel, while British gas prices rose above 200p per therm, the highest level since December 2022.
Oil prices rose above $102 per barrel as fresh US and Iran attacks on ships increased Middle East escalation risk, with Brent trading around $102.09 after touching $102.17.
British gas prices jumped above 200p per therm, the highest level since December 2022, and the front-month contract was up 1.1% to 199.89p per therm after an earlier move to 200.5p.
In Europe, Dutch wholesale gas prices breached €80 again for the first time since January 2023, and the front-month contract was up 1.1% at €80.21 per megawatt hour.
Reporting also pointed to Ukrainian drone hits on Russian gas-processing facilities, including a fire in the Yamal region following an attack, as traders looked toward potential vulnerability ahead of the heating season.
Latest closeBrent $103.93 ▲3.7%