European natural gas prices hit 4-month high amid Middle East tensions

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European natural gas prices have reached a four-month high due to Middle East tensions. Simultaneously, crude oil hit a new all-time high by September 30, increasing by 6.2%. In the United States, national gas prices climbed above $4 a gallon. These surges are driven by geopolitical uncertainty regarding the conflict with Iran and potential disruptions to global oil supplies through the Strait of Hormuz, impacting energy markets across multiple regions and commodities.