Energy prices close week with sharp increases

During the last week, energy commodities posted huge increases amid the escalating tensions in the Middle East.

While closure of the strategic trade route, Hormuz Strait, continues to effect markets severely, Iran’s retaliatory attacks on energy hubs in the Gulf region increase inflationary concerns.

Brent oil posted a weekly increase of 9.03% to $112.45 per barrel at weekly close on Friday. Its peak level was at $118.5 as of Thursday.

Natural gas prices in European countries increased around %17 to €59.2 per megawatt-hour, after hitting around €70 on Thursday.

US gasoline futures topped $3.20 per gallon, gaining 6% on a weekly basis.

Electricity prices also rose during the week; 12.67% in the UK, 7.42% in Italy, 3.34% in Germany, and 1.56% in France.