European gas up 5% amid Iran-Israel Tensions
Concerns over global energy supplies have resurfaced as European gas prices rose by approximately 5%, amid escalating military tensions between Israel and Iran over the Strait of Hormuz, through which a significant portion of oil and gas exports pass. The military escalation in the region continues to intensify. The European gas price increased to 51.2 euros (about $59) per megawatt/hour, with further risks to supply security anticipated. The situation is escalating following an Israeli raid on Lebanon and Iran's missile launches, amid warnings that the escalation could persist and impact global energy flows.
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