Energy Commodities Start Week on Higher Note

(MENAFN) Energy commodities kicked off the week on a sharply higher note Monday, with prices surging more than 5% as uncertainty stemming from escalating Middle East tensions gripped global markets.

The rebound follows a turbulent close to last week, when energy prices tumbled by double digits after US President Donald Trump declared the Strait of Hormuz fully open to navigation. However, contradictory statements from Iran have since reignited fears, reversing those losses almost entirely.

Brent crude futures climbed 5.5% to trade near $95 per barrel as of 0645 GMT, while West Texas Intermediate (WTI) surged an even steeper 6.1%, reaching $88.9 per barrel.

Natural gas markets across Europe were equally rattled, with the benchmark Dutch TTF Gas index advancing 6.4% to €41.2 ($48.4) per megawatt hour — reflecting the continent's acute sensitivity to any disruption in regional energy supply routes.

Heating oil prices added further to the week's inflationary energy picture, rising 5.7% to $3.5 per gallon.

The broad-based rally signals deepening market anxiety over supply continuity, as traders weigh conflicting signals from Tehran against the backdrop of an already strained global energy landscape.

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