Oil and gas prices surge over Iran war uncertainties
Energy markets opened the week sharply higher as Middle East tensions persist. Brent crude rose 5.5% to $95 per barrel, WTI gained 6.1%, heating oil climbed 5.7%, and European natural gas jumped 6.4%. Conflicting signals from Washington and Tehran have replaced last week's double-digit declines with renewed volatility.
Energy commodities began the trading week with gains exceeding 5% across the board, driven by lingering uncertainties over the ongoing conflict involving Iran. The rebound follows last week's double-digit declines, which came after US President Donald Trump announced that the Strait of Hormuz was “completely open.” However, contradictory statements from Iranian officials have since reintroduced market jitters, reversing some of the earlier price drops.
Benchmark performance
As of 0645GMT, Brent futures were trading near $95 per barrel, reflecting a 5.5% increase. West Texas Intermediate (WTI) surged 6.1% to $88.9 per barrel. In Europe, natural gas prices rose sharply, with the Dutch TTF Gas index climbing 6.4% to €41.2 ($48.4) per megawatt-hour. Heating oil also posted significant gains, up 5.7% to $3.5 per gallon.
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