The Egyptian government has said the ongoing war involving Iran has triggered sharp increases in global energy prices, with significant impacts across major markets.
According to the Cabinet’s Information Center, Brent crude prices have surged by around 60%, while West Texas Intermediate (WTI) crude has risen by approximately 43%. The spike reflects growing pressure on global energy supplies amid escalating geopolitical tensions.
The report added that Europe and the United Kingdom have also seen substantial increases in gas prices, further straining energy markets and pushing costs higher for consumers and industries.
These developments have had clear ripple effects across Gulf countries, Europe, and the United States, as volatility in oil and gas markets continues to intensify in response to the conflict.
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