Oil and gas prices are pushing higher amid worries that the US blockage of Iran may drag on for months. Brent crude rose 5% to almost $117 a barrel, close to the highest level since the Iran war began at $119.50 a barrel. The UK month-ahead gas price increased 5% to 113.86p a therm, while the benchmark Dutch front-month contract was up 5.35% at €45.93 per megawatt hour (MWh).
White House Meeting Sparks Price Rally
Energy prices rose following reports that U.S. President Donald Trump met with top officials from energy companies on Tuesday to discuss steps to calm oil markets if the blockade of Iranian ports must continue for months. A White House official confirmed the meeting on Wednesday, stating that talks centered on U.S. oil production, oil futures, shipping, and natural gas.
Market Implications
The potential extension of the blockade has heightened supply concerns, driving prices upward. Analysts warn that prolonged disruptions could further strain global energy markets, already volatile due to geopolitical tensions. The surge in prices reflects investor anxiety over sustained supply constraints from one of the world's key oil-producing regions.
