Crude oil prices skyrocketed on Thursday following major geopolitical developments and a landmark energy deal from Egypt. West Texas Intermediate (WTI) crude jumped 8.66% to $73.93, while Brent crude surged 8.23% to $75.07. Murban crude climbed 8.12% to $74.87, and natural gas rose 1.78% to $3.554 per MMBtu.

The sharp rise comes on the heels of breaking news that Israel has launched an attack on Iran’s nuclear facilities, sending shockwaves through global energy markets.

In a separate but significant development, Egypt has signed a series of sweeping liquefied natural gas (LNG) import deals with energy giants including Saudi Aramco, Shell Plc, Trafigura, Vitol, and Socar, in a bid to prevent summer blackouts and navigate an ongoing energy crisis.

According to a Bloomberg report, the state-owned Egyptian Natural Gas Holding Co. (EGAS) has secured up to 290 LNG cargoes over the next 2.5 years, with shipments set to begin as early as July.

“This aggressive procurement strategy aims to stabilize Egypt’s power grid ahead of peak summer demand,” reported Oilprice.com’s Charles Kennedy, “which has previously triggered widespread blackouts.”

The deals offer Egypt favorable terms, with payment deferrals of up to 180 days, and prices linked to European gas benchmarks, with premiums ranging from $0.80 to $0.95 per MMBtu.

Earlier in the year, Egypt also inked a $3 billion LNG deal with Shell and TotalEnergies for 60 cargoes to cover 2025 demand.

“Egypt is struggling to fill in the gaps,” Kennedy added, “as its natural gas production targets, particularly from the giant Zohr offshore field, fall short due to technical difficulties and unpaid debts to foreign operators.”

The country’s monthly summer energy bill is now projected to spike to $3 billion, up from $2 billion in 2024, highlighting the urgency behind Cairo’s LNG buying spree.