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Energy Prices Keep Climbing as US-Iran Conflict Persists
(MENAFN) Energy commodity prices pushed higher again on Thursday, with the US-Iran war showing no sign of winding down.
As of 0950GMT, Brent crude futures stood at $102.3 per barrel, a rise of 1.1%, while West Texas Intermediate gained 1.5% to trade at $97.5 per barrel.
Natural gas followed suit, with the EU Gas index jumping 2.4% to top €81 ($94.2) — its steepest level since the close of 2022.
US President Donald Trump said Wednesday that soaring energy costs are tied to Washington's campaign to block Iran from developing a nuclear weapon.
Ship traffic through the Strait of Hormuz, meanwhile, has fallen off sharply since Iran declared the strait closed on Aug. 12, blaming US military strikes for the move.
The Strait of Hormuz continues to serve as one of the world's most vital chokepoints for energy trade, especially crude oil shipments.
As of 0950GMT, Brent crude futures stood at $102.3 per barrel, a rise of 1.1%, while West Texas Intermediate gained 1.5% to trade at $97.5 per barrel.
Natural gas followed suit, with the EU Gas index jumping 2.4% to top €81 ($94.2) — its steepest level since the close of 2022.
US President Donald Trump said Wednesday that soaring energy costs are tied to Washington's campaign to block Iran from developing a nuclear weapon.
Ship traffic through the Strait of Hormuz, meanwhile, has fallen off sharply since Iran declared the strait closed on Aug. 12, blaming US military strikes for the move.
The Strait of Hormuz continues to serve as one of the world's most vital chokepoints for energy trade, especially crude oil shipments.
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