European gas prices reach three-year high

Natural gas prices in Europe have risen to their highest level in three years, due to supply disruptions and escalating tensions in the Gulf. Gas inventories are weak, standing at 67% compared to an average of 84% over the past five years, threatening the upcoming winter season. This comes amid rising oil prices, with Brent crude approaching $100 per barrel, driven by increased tensions in the Middle East and fears of a global supply shortage, especially as oil and gas exports from the Middle East decline. In financial markets, European stock indices generally declined, while energy sector shares increased by 1% in response to rising oil prices. There are expectations of further inflationary pressures and of an imminent interest rate hike by the European Central Bank.

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