"Global stock markets have been closely monitoring fluctuations in global energy prices, which surged earlier in the week amid fears of supply disruptions in the Middle East. However, prices stabilised on Wednesday. The global oil benchmark, Brent crude, dropped about 0.5% to around $80.90 per barrel, while a key European benchmark for natural gas fell roughly 9%."
"Analysts at Cornwall Insight warned that the earlier spike in wholesale gas prices could still affect UK household bills. They stated that domestic energy costs could rise by about 10% from July. Under forecasts following the regulator's pricing mechanism, the cap set by Ofgem could increase to around £1,801 per year for a typical dual-fuel household."
"In London, the FTSE 100 index rose by approximately 80 points, closing 0.8% higher at 10,567.65. This rebound came after the index had fallen nearly 3% on Tuesday due to concerns that a prolonged regional conflict could negatively impact global growth."
Global stock markets rebounded on Wednesday as energy prices stabilized after sharp declines earlier in the week caused by Middle East conflict concerns. The FTSE 100 rose 0.8% to 10,567.65, while European markets gained ground with Germany's DAX climbing 1.8% and France's CAC 40 increasing 0.8%. Wall Street also opened positively with the S&P 500 up 0.85% and the Dow Jones rising 0.65%. Brent crude dropped 0.5% to $80.90 per barrel and European natural gas fell 9%, though both remain significantly higher than previous week levels. Despite the recovery, analysts warn that earlier wholesale gas price spikes could increase UK household energy bills by approximately 10% from July, potentially raising the Ofgem price cap to around £1,801 annually.
Read at London Business News | Londonlovesbusiness.com
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