Energy markets open week higher amid uncertainties related to Iran war

Amid uncertainties related to the ongoing tensions in the Middle East, energy commodities started the week by increasing more than 5%.

Energy prices closed last week with double-digit declines after US President Donald Trump announced that the Strait of Hormuz was completely open, while Iran’s contradictory statements have caused uncertainties.

Brent futures were traded for around $95 as of 0645GMT, up 5.5%, and West Texas Intermediate (WTI) soared by 6.1% to $88.9 per barrel.

Natural gas prices in Europe jumped as the Dutch TTF Gas index increased by 6.4% to €41.2 ($48.4) per megawatt hour.

Heating oil prices went up by 5.7% to $3.5 per gallon.