As war in Iran roils energy markets, Europe pays price of ‘dependency’
AI Summary
Military attacks on critical infrastructure in Qatar and Iran have triggered a significant energy shock in Europe, causing oil and gas prices to surge to levels not seen since the Russian invasion of Ukraine in 2022. On Thursday, the Dutch TTF natural gas price climbed to its highest level since December 2022, while Brent crude surpassed US$114 per barrel. Jet fuel prices in Europe have also exceeded their peak during the Russia-Ukraine war. Governments across Europe, including in Brussels and Paris, are holding crisis meetings to address the situation. The French Energy Minister attributed the price increases to Europe's dependency on external refining, particularly for diesel fuel. The attacks followed the US and Israel attacking Iran in late February.
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