Commodities
Europe Gas Price Surges to 3-Year High Amid Escalating US-Iran Tensions
The price of natural gas in Europe reached a three-year high on Wednesday as tensions between the US and Iran escalated.
The European TTF hub, located in the Netherlands, saw prices break above €75/MWh for the first time since February, when the war began. This marks the highest level since early 2023.
Brent crude oil prices also rose, increasing by as much as 2.5% to over $97 before retreating to trade 0.4% higher at $95 in London, according to The Financial Times.
Market strategist Mike Bell from RBC BlueBay Asset Management noted that the perception of a quick resolution to the conflict is fading fast, driving market concerns.