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ConfirmedShipping, energy & marketsBackgroundLondon, United Kingdom

Brent jumps above $114 and European gas 24% after attacks on Gulf energy sites

Mountain Time
Local time
8:21 AM in London
Where
London, United Kingdom

Brent crude rose to near $114 a barrel, and to $116.38 later in the morning, up from under $73 on the eve of the war, while Europe's TTF gas benchmark traded 24% higher. Brent briefly topped $119 before receding, and U.S. stocks recovered most of their early losses by the close.

Why it matters

Markets began pricing lasting damage to Gulf oil and gas output rather than only a temporary Hormuz closure, which raises the risk of a prolonged inflation shock.

Sources (4)

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