"Oil prices rose by more than one per cent during trading, with Brent crude climbing to around $83.50 per barrel, reflecting growing concerns about the security of global energy supply routes following renewed tensions in the Middle East."
"Brent crude prices have now climbed roughly 15 per cent since the United States and Israel launched military strikes on Iran, with Tehran retaliating by attacking neighbouring countries and threatening shipping in the Gulf region."
"State-owned energy giant QatarEnergy suspended production of liquefied natural gas (LNG) after attacks on its facilities heightened fears of wider disruption to global gas markets."
The UK's FTSE 100 index gained modestly on Wednesday, mirroring steady European performance, while Asian markets declined for a third consecutive day amid geopolitical tensions. Energy markets experienced significant volatility, with Brent crude rising above $83.50 per barrel following an attempted drone strike on Saudi Arabia's Ras Tanura refinery. Oil prices have climbed approximately 15 percent since US and Israeli military strikes on Iran prompted Iranian retaliation and threats to Gulf shipping. QatarEnergy suspended LNG production after facility attacks, causing sharp reactions in European and UK gas prices. Britain's wholesale gas price remained volatile, fluctuating between 127p and 170p per therm.
Read at Business Matters
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