RT International Oil prices have jumped more than 15%, topping $84, while European gas prices have surged over 30% after Iranian strikes on Qatari LNG facilities
Global energy markets have come under pressure as the Middle East conflict escalates, with fears mounting over potential disruptions to oil and gas supplies.
US and Israeli strikes on Iran have prompted Tehran to retaliate with missile and drone attacks on Israel and US bases across the region. Iran has also targeted oil facilities in neighboring countries, while shipping through the Strait of Hormuz – the narrow gateway at the mouth of the Gulf – has largely ground to a halt. The waterway between Iran and Oman, just over 32km (20 miles) at its narrowest point, is a critical chokepoint, carrying roughly 20% of the world’s oil exports.
Is oil pricing in a wider war?
Oil prices have surged more than 15% since the conflict began, extending gains on Tuesday as the widening US-Israeli confrontation with Iran and threats to shipping through the Strait of Hormuz fueled fears of broader supply disruptions. Brent crude briefly topped $84 per barrel in early trading on Tuesday, its highest level since mid-2024. The benchmark had hit $82.37 in the previous session – its highest level since January 2025 – before trimming some gains.
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