Geopolitical tensions pushed oil prices to multi-month highs on Monday as fighting between Israel, the U.S., and Iran disrupted energy supplies. Key facilities were shut down, nearly 150 ships were stranded in the Strait of Hormuz, and Saudi Arabia’s largest refinery was hit by a drone strike. Qatar also paused LNG production. As a result, Brent crude rose 7.3% to $77.74 per barrel and WTI climbed 6.3% to $71.23, both at their highest levels since June 2025.

Gas prices surged as well due to fears of LNG supply shortages. The British spot gas price jumped 43% to 114 pence per therm, its highest level in a year. The Summer 2026 contract rose about 35% to 103.28 pence per therm, an eight-month high. Concerns are growing as Europe depends on LNG imports to refill storage, which is currently 14% below the 10-year average.