Energy Markets Drop Sharply as Strait of Hormuz Reopens

(MENAFN) As geopolitical strain in the Middle East region subsided after the declaration that the Strait of Hormuz had been reopened for commercial maritime traffic, energy futures ended the week with significant overall losses. Market sentiment improved as concerns over supply disruptions diminished following the easing of tensions in the area.

In a post shared on his social media platform concerning the development, Trump stated that the strait is fully open and that the US naval blockade against Iran in the waterway will continue until the agreement is completely finalized at 100%. As a result, oil benchmarks experienced notable declines on Friday, with Brent futures falling by approximately 3.5% on a weekly basis to $91.8 per barrel, while West Texas Intermediate (WTI) dropped by 11.4% to $85.5.

Meanwhile, European natural gas prices also recorded a steep decrease, sliding 9.1% week-over-week to €39.66 ($46.6) per megawatt-hour. In addition, heating oil prices weakened by 8.6%, settling at $3.4 per gallon.

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