European gas prices spike to highest since early 2023 as U.S.-Iran fighting escalates
Oil prices surged for the third consecutive day on Wednesday, with Brent crude reaching $96.18 per barrel and WTI crude at $91.65 per barrel, marking their highest levels in about five weeks. The rally was driven by renewed tensions between the United States and Iran, which have heightened fears of potential disruptions to Middle Eastern crude supplies.
The conflict escalated after the U.S. conducted strikes on Iranian targets and Iran retaliated by attacking U.S. forces and commercial vessels in the Strait of Hormuz, a crucial oil shipping route. Concerns about further restrictions on tanker movements through the strait have intensified, exacerbating supply shocks in the global oil market.
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