After the attacks on energy infrastructure in the Gulf region the price of oil has risen again. The North Sea Brent variety rose in price this morning by 6.39 percent to around 114 US dollars per barrel (159 liters). The US reference variety WTI recorded an increase of 0.88 percent to 97.17 dollars.
That too Natural gas price
has risen significantly again as a result of the recent attacks. At the start of trading, the Dutch TTF contract, which is considered the most important European reference value, initially rose by 35 percent to 74 euros per megawatt hour in the morning. It then weakened slightly again and was quoted at 67.85 euros, which corresponds to an increase of 24.5 percent. Before the start of the US and Israeli attacks on the Iran the TTF price was 31 euros.
After an attack on the Iranian South Pars gas field that was allegedly carried out by Israel Iran attacked energy facilities in Qatar and Saudi Arabia during the night. The targeted attacks on oil infrastructure point to a possible longer-term disruption to oil supplies, said analyst Priyanka Sachdeva from financial services firm Phillip Nova.
Possible problems with refilling German gas storage facilities
With the price increases, concerns about delivery bottlenecks are growing. The significant restrictions on shipping traffic through the Strait of Hormuz on the Persian Gulf are beginning to have an impact primarily on consumers in Asia, who are particularly dependent on deliveries from the Gulf region and have recently also been increasingly demanding gas on the European market. That Gas fields are now increasingly being attacked could be the supply with natural gas also have a long-term impact.
According to the Energy Storage Initiative (Ines), the sharp price jump is also leading to problems when refilling German gas storage facilities. Accordingly, the market currently lacks the necessary economic incentives to store gas in storage facilities.