Energy Commodities Post Huge Increases

(MENAFN) Energy markets posted sweeping weekly gains as the ongoing closure of the Strait of Hormuz and Iran's retaliatory strikes on Gulf energy infrastructure sent shockwaves across global commodity markets, deepening fears of a sustained inflationary spiral.

Brent crude oil surged 9.03% over the week, settling at $112.45 per barrel at Friday's close after peaking at $118.50 on Thursday — underscoring the acute supply anxiety gripping oil traders as the strategic waterway remains effectively shut to commercial traffic.

Natural gas prices across Europe bore the sharpest weekly blow, climbing approximately 17% to €59.20 per megawatt-hour by Friday's close, having spiked to roughly €70 earlier in the week on Thursday. The dramatic move reflects deepening concern over regional energy security as Iranian strikes on Gulf energy hubs threaten to further disrupt already strained supply chains.

U.S. gasoline futures also pushed higher, topping $3.20 per gallon for a weekly gain of 6%, adding further pressure on American consumers already contending with elevated inflation.

Electricity markets across Europe were similarly gripped by upward pressure throughout the week. UK power prices advanced the most, rising 12.67%, while Italy recorded a 7.42% increase. Germany and France posted comparatively modest but still significant gains of 3.34% and 1.56%, respectively.

With the Strait of Hormuz closure showing no signs of resolution and retaliatory strikes continuing to target critical energy infrastructure, analysts warn that commodity price pressures may intensify further in the near term, keeping central banks in a hawkish posture and consumers exposed to mounting cost-of-living burdens.

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