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.
I don’t have gas, there’s central heating in my city. I only have green energy.
Beginning of covid I paid 35 euros per month on electricity. During the war in Ukraine it went up to 120, then down to 70. Now since the war with Iran I’m paying 160. My country holds the largest oil reserves in Europe and, again, my energy supplier promotes they only have 100% green renewable energy.