Oil prices rise to highest level since July as Middle East tensions push energy costs higher

During the night to Wednesday, the Brent price was near $97 per barrel and in early morning trading it is around $95-96 per barrel. These are the highest prices since July.

At the same time, natural gas prices are rising by just over 2 percent to 73.80 euros per megawatt hour on the Amsterdam commodities exchange - a new record for the Iran war and the highest level since January 2023.

Higher gas prices in all major EU countries that use gas for electricity production could, via cross-border electricity trading, push up electricity prices for Swedish households.