Oil and gas prices surge
Photo: Amirhosein Khorgooi/AP/TT

Oil and gas prices surge as new tensions in the Persian Gulf rattle markets

Oil and gas prices on the world market are rising sharply. New clashes around the Persian Gulf, followed by a series of threatening statements from President Donald Trump against Iran, are spooking the market.

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Iranian attacks on Tuesday have been followed by reimposed US oil sanctions against Iran and bombings against targets in the country, to which Iran has responded with missiles and drones against oil-producing countries in the region.

The ceasefire agreement with Iran is no longer valid "as I see it," says Donald Trump in a speech in connection with a NATO summit in Turkey.

The price of North Sea oil (Brent) rises more than 5 percent to $78 per barrel, the highest price in several weeks. The price of fossil gas follows suit, up 5.2 percent to just over €49 per megawatt hour on the Amsterdam Commodity Exchange.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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