European natural gas and oil prices rose notably on Tuesday after reports emerged of an attack on a liquefied natural gas (LNG) carrier near the Omani coast as it exited the crucial Strait of Hormuz, a key artery for global energy shipping.
European benchmark natural gas prices rose by over 4.5%, reaching €46 ($52.50) per megawatt-hour by 07:05 GMT. This rise marked a recovery from losses experienced in the previous trading session.
Simultaneously, oil prices experienced a boost due to mounting concerns about potential supply disruptions. The international benchmark Brent crude climbed 1.2%, nearing $73 per barrel, its highest level in a week.
According to Iranian state broadcaster IRIB, the vessel was targeted after allegedly ignoring warnings while navigating the strategic waterway. This incident has heightened fears regarding security in the Strait of Hormuz, through which a substantial portion of the world’s oil and liquefied natural gas supply flows, raising apprehensions about possible disruptions to global energy markets.
