Brent crude up by more than 3% after latest fire between US and Iran in Gulf and Houthi attacks on Saudi cities

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.

  • Taldan@lemmy.worldEnglish
    2·
    2 days ago

    Brent, Murban, and WTI are the 3 main oil indicies. Usually they track eachother closely, but that has shifted thanks to this war

    Murban contains most of the middle-eastern crude that is directly affected by this conflict, and their price has drifted up beyond the other two

    Here is a spirce to see all 3 major indicies: https://oilprice.com/

    • Kazumara@discuss.tchncs.deEnglish
      1·
      2 days ago

      Thank for the info, I have heard of WTI but not of Murban.

      All the papers I read always talk about Brent. They sometimes even call it a North Sea variant, so I assumed the price was only influenced by indirect coupling.

      I don’t know, and can’t defend, why it’s always Brent, that was just my observation.