Investor concerns about the escalation of the conflict in the Middle East continue to translate into rising prices of raw materials such as crude oil and its derivatives.
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Oil, diesel and gas prices
On Tuesday morning, a barrel (159 liters) on the New York Stock Exchange cost approximately $74. Traditionally, the European Brent variety is slightly more expensive, valued at USD 80.5. In both cases, the increases compared to Monday are at approx 4 percent
The example of Brent crude oil shows the scale of anxiety on the market. On Friday, before the US and Israel attacked Iran, a barrel of crude oil cost $70-73. On Monday morning, the price broke through $76, at its highest point it broke through $80, then dropped to $78, and now it is slowly approaching $81.
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They have been rising even faster in recent hours diesel prices (+8%). Natural gas, on the other hand, jumped another 22%.
Disruptions in oil and gas production following the escalation of the conflict in the Middle East
The attack on Iran has repercussions throughout the Middle East region, including energy production. The Ras Tanura refinery in Saudi Arabia was closed on Monday after a drone attack in the area. In Qatar, LNG production was suspended after the Iranian attack. Qatar is a major supplier of LNG to Europe, including through Zeebrugge.
See also: More expensive oil and weaker zloty: attack on Iran hits markets. Will it thwart NBP's plans?
On the leading stock exchange in Amsterdam, the price of gas rose to almost 54 euros on Tuesday morning. On Monday, it increased by 36%. due to concerns about supply disruptions.
The Strait of Hormuz, a narrow strait between Oman and Iran, is crucial for oil and gas exports. One fifth of world production flows through it. It was announced on Iranian state television that any ship attempting to pass through would be set on fire.
