Energy Prices Drop Sharply as Middle East Tensions Ease
A two-week truce between United States and Iran was secured on Wednesday through mediation involving Pakistan along with Türkiye, China, Saudi Arabia, and Egypt. The agreement came weeks after hostilities reportedly escalated following strikes involving the US and Israel against Iran on Feb. 28.
The deal also included plans for representatives from both sides to meet in Islamabad to pursue a more durable peace framework.
Following volatile trading throughout the week, major energy benchmarks ended significantly lower. Brent crude futures fell by 14.06% over the week to $94.3 per barrel, while West Texas Intermediate (WTI) declined by 15% to $95.6.
European gas markets also weakened, with the Dutch TTF benchmark dropping 12.44% to €43.8 per megawatt-hour (about $51.3). Heating oil prices fell by 13.6% to $3.7 per gallon, while UK natural gas prices also recorded a decline of around 15%.
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