Refineries across Europe will receive no shipments of Saudi Arabian crude oil next month after the kingdom suspended allocations for long term contract holders. The decision follows an attack on a key pipeline leading to the Red Sea, disrupting a supply chain that saw OECD countries in Europe import 577,000 barrels a day of Saudi crude in June. Poland's Orlen has already begun seeking replacement shipments, contributing to Dated Brent topping $130 a barrel this week.

Wholesale electricity for January in Germany trades above €180 a MWh on the European Energy Exchange, an increase of more than 60% from a year earlier. Surging natural gas prices and the closure of the Strait of Hormuz, which cut off supplies from Qatar, drive the costs as Europe attempts to refill storage before winter.