Benchmark European wholesale gas rose again to its highest level in more than three years on Monday, tracking a surge in oil, as the US-Iran conflict entered its second week and shipping around the Strait of Hormuz remained at a near standstill. Iran named Mojtaba Khamenei to succeed his slain father as supreme leader on Monday, signalling that hardliners remain firmly in charge and appearing to close off any path to a swift end to war in the Middle East. The prospect that the disruption to global energy supplies - already one of the most severe in history - could last longer than previously expected sent oil prices surging to over $119 a barrel.

Source: Irish Examiner March 09, 2026 10:53 UTC