Oil prices approached $100 a barrel after Saudi authorities reported attacks on some energy facilities by Yemen's Iran-aligned Houthis, while European gas prices rose ahead of winter.
Key facts
- Oil prices approached $100 a barrel following the attacks, according to the Guardian.
- Saudi authorities said operations at some energy facilities had been attacked by Yemen's Iran-aligned Houthis.
- The month-ahead UK gas price rose around 1% to 184p a therm.
- UK gas hit its highest level since January 2023 the previous day.
- UK mortgage rates were reported at their highest since June.
Oil prices moved close to $100 a barrel after Saudi authorities said that operations at some of the country’s energy facilities had been attacked, according to the Guardian’s business live coverage.
Saudi authorities attributed the attacks to Yemen’s Iran-aligned Houthis. The reported strikes on energy infrastructure sent ripples through commodity markets, pushing crude prices toward the closely watched $100 threshold.
The impact was also felt in gas markets. Gas prices rose on the morning of the report, adding pressure on European countries that need to build up their storage levels before the winter, the Guardian said.
The month-ahead UK gas price was up around 1% at 184p a therm, close to the highs reached the previous day. On that day, gas hit its highest level since January 2023, according to the outlet.
The energy market moves came alongside other economic pressures in the UK, with the Guardian reporting that mortgage rates had climbed to their highest since June.
Rising energy costs can feed through to household bills and broader inflation, particularly heading into the colder months when demand for gas typically increases across Europe.
Why it matters
Higher oil and gas prices can raise costs for households and businesses, especially as Europe prepares for winter demand. A spike toward $100 a barrel also signals how quickly regional conflicts can ripple into global energy markets and everyday bills.
Frequently asked questions
Why did oil prices rise toward $100 a barrel?
According to the Guardian, oil prices approached $100 a barrel after Saudi authorities said operations at some energy facilities had been attacked by Yemen's Iran-aligned Houthis.
How much did UK gas prices rise?
The month-ahead UK gas price rose around 1% to 184p a therm, close to the previous day's highs, when gas reached its highest level since January 2023, the Guardian reported.
What does this mean for European energy supplies?
Rising gas prices add pressure on European countries that need to stock up their storage levels before winter, according to the Guardian.