Commodities
Pipeline Closure Triggers Oil and Gas Price Hikes
The East-West pipeline in Saudi Arabia was closed on Friday as a precautionary measure after attacks. The closure of this strategic pipeline has sent shockwaves through the oil and gas markets, causing prices to rise.
The price of Brent crude, an international benchmark, increased by 2.6% to $107.29 per barrel. US WTI crude also saw a 2.6% surge in price, reaching $102.68 per barrel.
Natural gas prices are also on the rise in Europe, with a megawatt-hour of natural gas trading at over €83 on the Dutch futures market, a 5% increase and the highest since December 2022.