Oil and gas prices remained highly volatile as the escalating conflict involving Iran continued to rattle global markets. Brent crude rose nearly 2 percent to close to 111 dollars a barrel after swinging sharply in recent sessions, while natural gas prices in the United Kingdom eased slightly after surging to a three year high.

Stock markets across Europe also fluctuated. London’s main share index reversed early gains to trade broadly flat, while major indexes in France and Germany fell. The instability followed Israeli strikes on energy infrastructure and subsequent Iranian attacks that damaged a major gas facility in Qatar.

Although Israel’s prime minister said further attacks on Iran’s gas fields would be paused at the request of the president of the United States, analysts warned that uncertainty would persist. Experts said the conflict has already caused a significant supply shock, with Gulf producers shutting down millions of barrels per day, adding to inflation pressures and raising fears of slower economic growth.