Global oil and gas prices spiked on Tuesday after the U.S.-Israeli conflict with Iran disrupted Middle East energy exports. Tehran attacked ships and energy facilities, closing navigation in the Gulf and forcing production cuts from Qatar to Iraq.
Brent crude rose $3.66, or 4.7%, to $81.40 a barrel, its highest settlement since January 2025. European gas prices climbed up to 40%, while sugar, fertiliser and soy prices also increased. Analysts warn the conflict could drive inflation in Europe and Asia and pose political risks for U.S. President Donald Trump ahead of midterm elections.
Trump said the U.S. Navy...