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Global oil prices rose to their highest levels since July 2023, driven by escalating tensions in the Strait of Hormuz between Iran and the United States. The futures for Brent crude increased to $94.65 per barrel (+4.6%), while U.S. crude futures reached $90.22 (+5.2%). European natural gas prices also hit their highest level since the start of 2023 at €73.95 per megawatt-hour, amid growing concerns over potential disruptions to LNG exports from the Gulf, especially considering that around 20% of gas trade passes through the Strait. These rises come amid military escalation between Washington and Tehran following U.S. strikes inside Iran. Oil revenues had significantly declined over recent months due to unrest, but the current prices indicate a return of market risks and heightened tensions in global energy supplies.
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