Oil prices rise by about 3% and stock exchanges expect further declines following attacks on Iran
Along with the price of crude oil, the price of natural gas is also rising, since in the Dutch TTF market, a reference in Europe, the price of gas to be delivered within a month has risen by another 22%, to $53.14.
The price of oil has risen by more than 2% this Tuesday before the opening of the European Stock Exchanges as a result of the Israeli-United States attack on Iran and after the Iranian Revolutionary Guard announced that it will attack any ship crossing the Strait of Hormuz, which passes through Hormuz about one-fifth of the world's oil.
Specifically, the price of Brent barrel (benchmark in Europe) has risen 3.4% around 08:15, to $80.34, while the benchmark West Texas Intermediate barrel (WTI) has risen 2.8%, to $73.25.
In this context of uncertainty, market opening is expected to lead to further declines in European stock exchanges of around 1% in Frankfurt and slightly lower in Paris and Madrid.
Along with the price of crude oil, the price of natural gas is also rising, because in the Dutch TTF market, which is the benchmark in Europe, the price of gas delivered within a month has risen by another 22% , to $53.14. The day before, it rose to 50%, but ended the day with an increase of 40.81%.
One of the keys to rising oil and gas prices is Iran's "de facto" closure of the Strait of Hormuz , from which it derives about 20% of the world's oil, as well as natural gas from Qatar .
A general of the Iranian Revolutionary Guard warned on Monday that they will not allow "a drop of oil" to pass through the Strait of Hormuz and that they will set fire to any ship trying to cross that strategic route.
Inthe case of Spain, direct dependence on Ormuz is limited by the diversification of energy supply sources. Imports of crude oil reached 61,423 million tonnes in Spain by 2025, 4.9% less than the previous year.
In this regard, the Government estimates that only 5% of oil and 2% of liquefied natural gas (LNG) arriving in Spain pass through the Strait of Hormuz, according to the Third Vice-President of the Government and Minister for the Ecological Transition and the Demographic Challenge, Sara Aagesen.
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