Forex
Energy Prices Soar, Threatening New Inflation Wave
Energy prices are on the rise again, threatening to trigger a new wave of inflation. Oil prices have climbed to $97 per barrel, pushing up fuel costs at the pump.
Natural gas in Europe has reached its highest price since early 2023, with storage levels lagging behind normal seasonal averages.
The Brent oil price is expected to average $100 a barrel in the fourth quarter, according to Morgan Stanley, while Goldman Sachs raised its forecasts for both Brent and WTI by $5 a barrel due to Middle East shipping disruptions.
The European Natural gas futures price has surged above €73 per megawatt-hour, driven by concerns over energy flows through the Strait of Hormuz.