European natural‑gas futures jumped 1.19% to $2.890 a MMBtu after the United States carried out an airstrike on Iran’s Qeshm Island, heightening geopolitical risk in the Middle East. The spike reflects traders’ concerns that the conflict could disrupt the region’s gas supply chain.
Across the commodities spectrum, the market showed a mixed picture:
- Gold (XAU/USD) fell 0.97% to $3,908.45.
- Silver (XAG/USD) dropped 3.85% to $48.93.
- West Texas Intermediate crude (CL=) climbed 1.09% to $97.51.
- Brent crude (BZ=) rose 0.99% to $105.81.
- Copper (HG=) slid 3.02% to $6.369.
- Aluminium (AL=) fell 1.45% to $3,049.50.
The gas rally, combined with modest gains in oil and a decline in precious metals, underscores the market’s sensitivity to geopolitical developments in the Persian Gulf.
These figures were reported at 08:00 GMT on 3 November 2024.