Cooking Gas Soars As Iran Crisis Disrupts Production, Shipping
Naija News • 3h ago
Consumers of liquefied petroleum gas (LPG) or cooking gas have begun to feel the pinch of the rise in global oil and gas prices following the U.S.-Israeli war on Iran, which halted energy exports from the Middle East.
Prices jumped on Tuesday as Tehran attacked ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.
The benchmark Brent crude oil contract settled up $3.66, or up 4.7%, at $81.40 a barrel, its highest settlement since January 2025.
European gas prices soared as much as 40% before paring gains, adding to a 40% surge on Monday.
Iraq, OPEC’s second-largest producer, said it may be forced to cut production in a few days by more than 3 million barrels per day if oil tankers cannot move freely to loading points, accord...