Energy Prices See Sharp Declines as Middle East Tensions Ease
The breakthrough came Wednesday, when Pakistan, alongside Türkiye, China, Saudi Arabia, and Egypt, brokered a two-week ceasefire between Washington and Tehran — 40 days after the US and Israel launched their offensive against Iran on Feb. 28. Under the terms of the agreement, both sides are set to convene in Islamabad for negotiations toward a durable peace.
Energy commodities, which swung sharply throughout the week, ultimately closed Friday with across-the-board double-digit losses.
Brent crude futures led the declines, tumbling 14.06% from last week's close to $94.3 per barrel, while West Texas Intermediate (WTI) dropped 15% to settle at $95.6. European natural gas markets mirrored the slide, with the benchmark Dutch TTF index shedding 12.44% to close at €43.8 ($51.3) per megawatt-hour.
Downstream fuel markets were equally battered. Heating oil fell 13.6% to $3.7 per gallon, while UK natural gas prices declined by 15% over the same period.
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