Global Energy Prices Surge Amid Supply Risks from Middle East Tensions and Russia Sanctions

Global energy prices are rising due to supply risks including the Israel-Hamas conflict and potential for escalation with Iran. Brent crude oil tops $90 a barrel.

Israel's warnings to Gaza residents and troop buildup on the Lebanese border stoke fears of a wider regional conflict involving Iran.

New US measures to enforce an oil price cap on Russia may also reduce supply and push prices higher.

The Israel-Gaza conflict causes jitters in the European natural gas market, with prices jumping 44% since last week.

While prices are far below last year's crisis levels, Europe remains nervous about energy infrastructure vulnerability after Baltic pipeline damage.