Oil and gas prices continue to rise, and stock markets open another day in the red.

BarcelonaOil and natural gas prices continue to rise as the conflict in the Middle East escalates, negatively impacting stock markets. On Thursday, the price of Brent crude, the European benchmark, opened higher, surpassing €101 per barrel overnight, but by 9 a.m. it had moderated to €96.9, 5.2% above the previous day's closing price. Natural gas also rose on Thursday, opening above €52 per megawatt-hour (MWh) on the Dutch TTF market before retreating slightly to €51.1, 2.2% above Wednesday's levels. This increase in energy costs is impacting the markets, which, for yet another day since the start of the US and Israeli attacks on Iran, opened in the red on Thursday. The Ibex 35 opened the day down 0.54%, while London and Paris were down 0.57% and 0.55%, respectively, at the same time. Milan also opened lower, down 0.23%, but the biggest loser was the Frankfurt Stock Exchange, with a drop of 0.8%.

In Asia, the Nikkei, Tokyo's main stock index, closed down 1.04%, and the Seoul stock exchange fell 0.48%. In Hong Kong, the market closed nearly 0.7% lower.

Both Iran and the other countries of the Persian Gulf and the Middle East are among the world's leading exporters of crude oil and gas. The US attacks on Iran have been met with closures de facto of the Strait of Hormuz, controlled by Iran and Oman and a mandatory passage point for ships leaving the Persian Gulf. Specifically, several Iranian drones have attacked vessels belonging to US allies, adding to the blockade already announced by most of the world's marine insurers, who do not cover their clients' losses in the event of armed conflict.

The conflict has therefore reduced oil and gas production in countries such as Iraq, Kuwait, Saudi Arabia, and Qatar, among others, and has blocked a substantial portion of exports of both commodities, which explains the price increases of recent weeks.