Middle East tensions send oil higher and push European gas to its highest level since 2023

Oil prices jumped on Tuesday after Washington carried out new strikes against Iran and Tehran announced a response. European gas prices also climbed sharply, reaching their highest level in more than three years.

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large-scale and powerful

West Texas Intermediate for October delivery rose 5.20% to $90.22 a barrel, moving above $90 for the first time since late July. North Sea Brent for November delivery gained 4.60% to $94.65.

The United States launched its second attack on Iran in a matter of days. President Donald Trump described the operation as “large-scale and powerful” and warned Tehran that it would be “hit again, much harder and stronger” if it retaliated. Iran’s Tasnim news agency, meanwhile, announced that “a decisive operation by the Iranian armed forces in response to the American enemy has begun.”

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hit again, much harder and stronger

The escalation dealt a blow to hopes that the Strait of Hormuz could soon reopen to shipping. Commerzbank analyst Carsten Fritsch said the question was whether unofficial maritime traffic could continue without disruption. Many ships have recently crossed the narrow waterway with their transponders switched off, making them harder to detect but also making market flows more difficult to track. Two tankers were hit by “projectiles of unknown origin” while leaving the strait, according to the Greek maritime agency Marisks.

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A decisive operation by the Iranian armed forces in response to the American enemy has begun.

Dutch TTF gas futures rose 6.20% to 74.14 euros per megawatt-hour, their highest level since January 2023. European reserves remain low for this point in the year, increasing the need for supplies before winter and putting European buyers in competition with Asia for some liquefied natural gas cargoes.

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At present, prices react to practically every piece of news from the Strait of Hormuz.