Gas Prices Surge by 30% in Europe, Oil Rises 5% Globally

Gas prices in Europe surged by more than 30% on Tuesday as the ongoing conflict with Iran drags on.

The price of the Dutch TTF gas contract, a benchmark in Europe, jumped by more than 33%, following a nearly 40% surge on Monday after Qatar halted its liquefied natural gas (LNG) production in response to Iranian attacks on its energy facilities.

Meanwhile, European stock markets fell further at the start of trading. Frankfurt’s DAX index dropped by 2%, while Paris’s CAC 40 index declined by 1.8% and the FTSE 100 lost 1.4% of its value.

Brent crude oil prices surged by more than 5.45% to reach $81.98 per barrel in afternoon trading in Asia on Tuesday, fueled by the ongoing conflict in the Middle East.