UK Gas Prices Nearly Double in a Week; European Energy Markets in Crisis

OilPrice.com reports that UK wholesale natural gas prices have surged 93% in a single week, briefly hitting 151 pence per therm — a level not seen since February 2023 — before easing slightly to around 148p, as the U.S.-Iran conflict and Hormuz closure fears devastate supply confidence across European energy markets. The spike follows a 32% single-day jump on Tuesday, compounding earlier gains triggered by the outbreak of hostilities, according to OilPrice.com. MarketWatch reports that stock mar