European Gas Erases Year-to-Date Losses as Israel Vows Response
- Gas traders brace for risks that could disrupt energy flows
- Price-surge reflects frailty of region’s supply base: BI
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European gas prices erased this year’s losses amid fears of a broader escalation of the conflict in the Middle East after top Israeli military officials reasserted that their country has no choice but to respond to Iran’s weekend attack.
Benchmark futures closed up 6.4% on Tuesday, in a fourth straight daily advance. Mounting geopolitical risks this month have forced traders to re-evaluate their optimism for Europe’s energy supplies, after Russian strikes on Ukrainian energy infrastructure and the latest tensions in the Middle East highlighted the vulnerability of global trade flows.