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Energy Prices Surge
(MENAFN) Over the past week, energy commodities experienced substantial gains as geopolitical tensions in the Middle East intensified.
The ongoing closure of the strategic Hormuz Strait continues to heavily influence global markets, while Iran's retaliatory strikes on energy facilities in the Gulf region have heightened inflationary anxieties.
Brent oil recorded a weekly rise of 9.03%, closing at $112.45 per barrel on Friday, after peaking at $118.5 on Thursday.
In Europe, natural gas costs climbed roughly 17%, reaching €59.2 per megawatt-hour, following a high of approximately €70 on Thursday.
US gasoline futures surpassed $3.20 per gallon, reflecting a weekly gain of 6%.
Electricity tariffs also increased over the week, with the UK seeing a 12.67% rise, Italy 7.42%, Germany 3.34%, and France 1.56%.
The ongoing closure of the strategic Hormuz Strait continues to heavily influence global markets, while Iran's retaliatory strikes on energy facilities in the Gulf region have heightened inflationary anxieties.
Brent oil recorded a weekly rise of 9.03%, closing at $112.45 per barrel on Friday, after peaking at $118.5 on Thursday.
In Europe, natural gas costs climbed roughly 17%, reaching €59.2 per megawatt-hour, following a high of approximately €70 on Thursday.
US gasoline futures surpassed $3.20 per gallon, reflecting a weekly gain of 6%.
Electricity tariffs also increased over the week, with the UK seeing a 12.67% rise, Italy 7.42%, Germany 3.34%, and France 1.56%.
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