Commodities
Saudi Pipeline Closure Sparks Oil Price Surge and Soaring Gas Costs
A pipeline closure in Saudi Arabia has led to an increase in oil and gas prices. The East-West pipeline, which has gained strategic importance due to recent tanker caution around the Strait of Hormuz, was closed on Friday as a precaution after attacks.
The price of Brent crude rose by 2.6 per cent to $107.29 per barrel, while US WTI crude also increased by 2.6 per cent to $102.68 per barrel.
The price of natural gas in Europe is also rising, with a megawatt-hour traded at over €83 on the Dutch futures market - a 5 per cent increase and the highest since December 2022. The European natural gas price has nearly tripled this year.