European Gas Prices Remain High Amid Ongoing Tensions
European gas prices remain high at around 77 euros per megawatt hour, posing a challenge for Serbia's energy sector heading into winter. According to Zeljko Markovic, an energy expert, this is partly due to the ongoing tensions in the Middle East.
The Strait of Hormuz carries a significant share of global seaborne oil transport, and any disruptions or blockages have a direct impact on prices. Markovic notes that markets tend to react quickly to news from the region, with prices spiking up or down depending on the situation.
Currently, the price of oil has crossed $100 per barrel for the second time this year, with Saudi Arabia attempting to reduce its exposure to potential disruptions in the Strait. However, damaged oil infrastructure and the ongoing conflict in the Middle East continue to pose a risk to global supply chains.