European Energy Prices Rise Amid West Asia Tensions

LONDON, March 19 (Bernama-Xinhua) -- European gas and oil prices rose sharply in early trading on Thursday as escalating tensions in West Asia and attacks on energy infrastructure in Qatar and Iran have heightened concerns over supply disruptions, reported Xinhua.

The Dutch TTF benchmark, a key reference for European gas supply contracts, surged more than 30 per cent to €70.7 (about US$76.8) per megawatt-hour at the open, before easing to around €67 per megawatt-hour. The price has more than doubled from around €32 megawatt-hour before the conflict began.

In Britain, wholesale gas prices, which typically move in line with European markets, climbed to as high as 180 pence per therm before settling at around 171 pence per therm, up about 20 per cent on the day. The level is also more than twice that seen prior to the conflict.

Oil prices also moved higher. Brent crude, the international benchmark, rose to above US$116 per barrel in early trading.

Refined fuel prices also rose, with heating oil prices up more than 7 per cent to around US$4.5 per gallon.

The latest increase in prices followed attacks on energy infrastructure in Qatar and Iran, prompting concerns over potential disruptions to global energy supplies. 

-- BERNAMA-XINHUA