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Oil, Gas Prices Drop as Iran-US Tensions Ease
(MENAFN) Energy commodity prices closed the week broadly lower on Friday, retreating amid cautious optimism surrounding a possible de-escalation of hostilities between Iran and the United States.
After signals emerged suggesting a potential thaw in US-Iran tensions, energy markets turned lower across the board, reversing gains made earlier in the week.
Brent crude futures, which had opened the week trading above the $110-per-barrel threshold, settled at $103.90 per barrel by Friday's close — a decline of 5.25% on a week-over-week basis.
West Texas Intermediate (WTI) fell 4% from $106.50 to $96.90 per barrel over the same period.
European benchmark Dutch TTF natural gas futures — the primary gas pricing reference for the continent — dropped 4% from €51.00 to €48.70 per megawatt-hour.
Heating oil prices also registered a decline of 3.6%, settling at $3.90 from the prior week's close.
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