Oil prices moderated a sharp increase on Tuesday, though remaining elevated as escalating tensions in the Middle East continue to disrupt energy markets. Brent crude futures were trading at $78.78 a barrel as of 2:40 a.m. GMT, a 1.34% gain, although West Texas Intermediate (WTI) crude rose 0.98% to $71.93 a barrel.
The surge follows a more than 6% jump in prices on Monday, triggered by a series of attacks and disruptions impacting critical energy infrastructure. The Strait of Hormuz, a vital chokepoint for global oil and liquefied natural gas (LNG) shipments – handling approximately 20% of worldwide supplies – is effectively closed to traffic as major maritime companies suspend voyages amid soaring insurance premiums.
QatarEnergy, the state-owned energy company of Qatar, announced a halt to LNG production following reported Iranian attacks on facilities at two of its primary gas processing sites. Earlier, one of Saudi Arabia’s largest refineries experienced operational interruptions, and a petroleum terminal in Abu Dhabi was similarly targeted in an attack. These incidents collectively fueled fears of significant supply disruptions.
The price of Brent crude currently stands at $79.55 per barrel, up $1.81, a 2.33% increase, according to price tracking data. WTI crude is priced at $72.54 per barrel, a rise of $1.31, or 1.84%. In euro terms, Brent crude is trading at €68.06, while WTI is at €62.06. The price per liter equates to €0.428, based on a barrel containing 159 liters.
The broader energy market is also reflecting the instability. Prices for GPL are at €0.963, down 0.60%, while gas prices have risen to €1.723, a 1.30% increase. Gas+ is up 1.50% to €1.843, and E85 has fallen 1.10% to €0.776. SP95 is trading at €1.757, up 1.30%, and SP98 at €1.842, up 1.10%. E10 has increased by 0.90% to €1.727, and fioul is at €1259, a rise of €70.
The situation remains fluid, with no immediate resolution in sight. The extent of the damage to energy infrastructure and the duration of the disruptions are currently unknown. The euro is trading at $1.1687, down 0.03%.
