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Energy Markets Slide Sharply
(MENAFN) As geopolitical tensions in the Middle East subsided after the announcement that the Strait of Hormuz was once again open to commercial maritime traffic, energy futures ended the week with significant losses across the board.
In a post shared on his social media platform, Trump stated that the strait is fully open and added that the US naval blockade targeting Iran in the waterway would continue until the deal is entirely finalized.
Oil markets recorded steep declines on Friday. Brent crude futures fell by roughly 3.5% over the week, settling at $91.8 per barrel, while West Texas Intermediate (WTI) dropped by 11.4% to $85.5.
In Europe, natural gas prices also tumbled, sliding 9.1% week-on-week to €39.66 ($46.6) per megawatt-hour. Meanwhile, heating oil prices decreased by 8.6%, reaching $3.4 per gallon.
In a post shared on his social media platform, Trump stated that the strait is fully open and added that the US naval blockade targeting Iran in the waterway would continue until the deal is entirely finalized.
Oil markets recorded steep declines on Friday. Brent crude futures fell by roughly 3.5% over the week, settling at $91.8 per barrel, while West Texas Intermediate (WTI) dropped by 11.4% to $85.5.
In Europe, natural gas prices also tumbled, sliding 9.1% week-on-week to €39.66 ($46.6) per megawatt-hour. Meanwhile, heating oil prices decreased by 8.6%, reaching $3.4 per gallon.
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