Brent tops $114, European gas at 4-yr high on Mideast tensions, tight LNG

Brent crude rose above $114/bbl and European gas exceeded $102.40/MWh, the highest since December 2022, driven by escalating Mideast tensions and tight LNG supplies. The price surge reflects growing supply risk premiums, with market participants uncertain about the duration and potential supply disruptions. This development signals heightened energy price pressures that could feed into inflation and weigh on growth.

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