London:Energy prices have surged as geopolitical supply concerns drove Brent crude oil to a five-month high and pushed European natural gas prices to the highest levels since December 2022.

According to Anadolu Agency – English, Brent crude saw a 1.14% increase, reaching $114.47 per barrel, while European natural gas prices rose by 1.37% to £91.28 ($102.40) per megawatt-hour. This spike is attributed to escalating regional tensions and potential threats to energy supplies from the Middle East.

Yemeni Houthi group has claimed responsibility for attacks on Saudi Arabia's Red Sea port of Yanbu, an oil field, and an airport, adding to the uncertainty. Additionally, there are reports of the US and Israel planning renewed strikes post-US midterm elections, potentially targeting Iran's energy infrastructure.

Despite these tensions, Gulf crude exports have nearly returned to pre-conflict levels. However, disruptions in Gulf supplies have tightened the global liquefied natural gas (LNG) market, impacting European gas prices, which have risen approximately 4% over the past week.

The European gas market faces further challenges as gas storage levels are at 74.62% capacity, the lowest for this time of year since 2009. This leaves the region vulnerable to future supply disruptions and increased demand for heating as winter approaches.