The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.
Brent crude, the international benchmark for oil prices, rose 2.7% to about $100.6 after tensions increased in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran.
UK and mainland Europe gas prices also soared on Wednesday. The benchmark Dutch gas contract rose by almost 4% to €78.73 a megawatt hour, the highest since January 2023. Meanwhile, the British contract rose by 7.77p to 196.57p a therm, the highest since December 2022.
You’re in the UAE? Here in Europe they are highly fluctuating, getting a new energy contract deal changes every day by a landslide. All because of the war with Iran.
Got photovoltaics and prices are fixed 12 to 24 month here in Germany. Unlike gas I can make electricity myself. The faster we wean off oil, the faster we become unaffected. Also no gas heating helps
The fluctuating price of electricity exceeds the price of fossil fuel? It’s way cheaper in Australia.