WANA (Apr 20) – International news agencies report a sharp rise in gas and oil prices in Europe and Asia following Iran’s latest closure of the Strait of Hormuz, raising concerns over disruptions to energy flows from the Persian Gulf.

 

According to Bloomberg, Europe’s natural gas benchmark surged by 11% in early Monday Asian trading, reaching €43 per megawatt-hour. This increase erased the price drop seen on Friday after a temporary reopening of the strait. Before the start of the U.S.-led coalition conflict, European gas traded at around €32, peaking at €70 amid the conflict.

 

Meanwhile, Iran’s Parliament Speaker warned global energy traders that “digital oil prices or bond markets are illusory; only physical oil prices reflect the real market.”

 

Oil prices also jumped significantly in early Asian trading on Monday. The surge followed the U.S. Navy’s detention of an Iranian vessel, which was accused of attempting to breach a maritime blockade, reigniting concerns over potential escalation and sustained disruptions to oil shipments through the Strait of Hormuz.

 

At the time of reporting, West Texas Intermediate (WTI) rose 6.11% to $88.97, while Brent crude gained 5.64% to $95.48 per barrel.

 

Energy analysts warn that recent disruptions in the Persian Gulf have led to a shortfall of approximately 9–10 million barrels per day in oil exports, with projections suggesting this gap could return to around 11 million barrels per day once strategic reserves are depleted.