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Energy Prices Post Strong Weekly Declines as Mideast Tensions Ease
(MENAFN) Global energy markets closed the week sharply lower Friday, as easing tensions across the Middle East following the reopening of the Strait of Hormuz to commercial shipping sent fuel prices into a broad retreat.
President Donald Trump addressed the development directly on social media, confirming that the strait is completely open while stressing that the US naval blockade against Iran would remain firmly in place until the underlying agreement is fully and unconditionally finalized.
Crude markets bore the brunt of the selloff. Brent futures shed approximately 3.5% on a weekly basis, settling at $91.8 per barrel, while West Texas Intermediate (WTI) suffered a steeper decline of 11.4%, closing at $85.5 per barrel.
European natural gas prices also tumbled sharply, plunging 9.1% week-on-week to €39.66 ($46.6) per megawatt-hour — a significant retreat reflecting growing confidence that the worst of the supply disruption may be behind the continent.
Heating oil was not spared, falling 8.6% to $3.4 per gallon, rounding out a week of broad and sweeping losses across the energy complex as markets recalibrated to the prospect of more stable supply conditions ahead.
President Donald Trump addressed the development directly on social media, confirming that the strait is completely open while stressing that the US naval blockade against Iran would remain firmly in place until the underlying agreement is fully and unconditionally finalized.
Crude markets bore the brunt of the selloff. Brent futures shed approximately 3.5% on a weekly basis, settling at $91.8 per barrel, while West Texas Intermediate (WTI) suffered a steeper decline of 11.4%, closing at $85.5 per barrel.
European natural gas prices also tumbled sharply, plunging 9.1% week-on-week to €39.66 ($46.6) per megawatt-hour — a significant retreat reflecting growing confidence that the worst of the supply disruption may be behind the continent.
Heating oil was not spared, falling 8.6% to $3.4 per gallon, rounding out a week of broad and sweeping losses across the energy complex as markets recalibrated to the prospect of more stable supply conditions ahead.
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