Global oil and gas prices surge to yearly peaks, reigniting fears of an energy crisis in Europe.
Oil and Gas Prices Surge
On Monday, Brent crude prices surpassed $80 per barrel for the first time in over a year. Prices dipped during the session but remained 6-7% higher than Friday. Since the start of the year, oil has risen by nearly 30%.
Natural gas prices, critical for the European economy, have climbed by approximately 50%, hitting the highest level since March last year.
Hormuz Strait Blocked
The Strait of Hormuz has been blocked, potentially affecting global energy supplies.