Iran's Attacks Reignite Oil and Gas Price Surge

Iran's attacks on production facilities have reignited a surge in oil and gas prices, with Brent crude climbing 3% to $103.2 (£77.52) per barrel and wholesale gas prices rising nearly 3% to €52 (£45) per megawatt hour.

The attacks, which targeted the Shah gasfield in the UAE, mark the first time Iran has struck production facilities since the start of its war with the US and Israel on February 28th. This has resulted in a nearly 50% increase in Brent crude prices compared to pre-war levels.