Energy prices: Oil falls, but gas is as expensive as it was at the end of 2022
The uncertain situation in the Middle East is causing significant price fluctuations: the oil price is changing direction in the middle of the day as a result. With gas, there is another factor added to that.
The energy market remains under pressure, with the price of Brent oil rising to $112 per barrel, its highest level in five months. The gas price also surged to its highest level since late 2022, with the TTF futures contract trading at over €90 per megawatt-hour. However, the situation is volatile, with oil prices giving up their gains and falling over 2% in the afternoon.
The price fluctuations are attributed to the uncertain situation in the Middle East, where attacks on oil infrastructure in Saudi Arabia and shipping in the Strait of Hormuz have been reported.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
