War in the Middle East, energy costs rising: Brent at $119, gas above $800.

Energy markets are opening the week in shock. The military escalation in the Middle East is transferring immediately to commodity exchanges, causing both oil and natural gas to soar within hours to levels not seen in years.

Brent crude oil for May 2026 delivery surpassed the $119 per barrel mark on the ICE in London, a threshold not touched since June 17, 2022. At 5:30 Moscow time (2:30 GMT), the price was at $119.36 per barrel, a 28.77% increase from the previous close. Five minutes later, the value had slightly scaled back to $117.8, still maintaining a gain of over 27%.

European gas back above $800.

Even more significant, in symbolic terms, is the flare-up in the European natural gas market. At the opening of trading on Monday, April futures on the Dutch TTF hub, the main benchmark for gas prices in Europe, surpassed $820 per thousand cubic meters, equivalent to approximately 68.6 euros per megawatt-hour. It is the first time gas has returned above that threshold since January 2023.

The double surge in oil and gas in a single morning reflects the growing concerns of financial traders regarding the impact of the Israeli-Iranian conflict on regional energy supplies. With the Middle East in flames and no immediate prospect of de-escalation, markets are bracing for a prolonged period of high volatility.

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