ISTANBUL – Energy prices posted significant weekly losses as tensions in the Middle East subsided after the Strait of Hormuz was reported reopened for commercial shipping.
US President Donald Trump, in a social media post, said the strait is fully operational again, but stressed that the US naval blockade on Iran will remain until a final agreement is completely reached.
Oil prices declined sharply on Friday. Brent crude futures dropped around 3.5 percent for the week to USD 91.8 per barrel, while West Texas Intermediate (WTI) fell 11.4 percent to USD 85.5.
In Europe, natural gas prices decreased by 9.1 percent week-on-week to USD 46.6 per megawatt-hour. Heating oil also eased by 8.6 percent, settling at USD 3.4 per gallon. (Sourced online via Anadolu)
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