Energy Crisis: Oil and Gas Prices Rise Sharply
Oil prices (Brent) have risen above 107 dollars per barrel, while European natural gas climbed above 83 euros per megawatt-hour. The shutdown of the Saudi Arabian East-West pipeline and a new attack on a merchant vessel in the Strait of Hormuz heighten concerns about energy supply and jeopardize approximately 4 percent of global oil production. Crude oil has recorded an increase of just under 3 percent.