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Brent Crude Hits $100/Barrel, European Gas Surges Past $750/mcm on July 24 Amid Supply Pressures

2026-07-24 06:31:05

NG-0.79%

According to Jin10, on July 24, Brent crude oil broke above $100 per barrel for the first time since May, while European natural gas surged past $750 per thousand cubic meters for the first time since March 19. The EU agreed to freeze Russian oil price caps for 12 months and extend liquefied natural gas transshipment exemptions by one year. OPEC+ is reportedly considering raising September crude production by approximately 188,000 barrels per day following Helios field full production startup. Regional supply disruptions, including drone attacks affecting Kazakh output and tanker incidents in the Strait of Hormuz, continue to support energy prices.

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