Energy Markets Surge as Crude Oil and Brent Crude Prices Soar

Energy markets experienced significant gains on July 29, with crude oil and Brent crude prices rising sharply. Crude oil prices jumped 6.72% to $84.59 per barrel, while Brent crude climbed 6.90% to $89.89 per barrel.

The biggest gain among major energy commodities came from heating oil, which surged 4.02% to $4.32 per gallon. Despite a weekly decline of 2.26%, crude oil is now up 22.12% over the past month and 47.81% year-to-date.

Natural gas prices moved slightly higher by 0.38% to $2.71 per MMBtu, but remain under pressure due to a monthly decline of 17.19%. European gas markets also saw strong gains, with EU gas prices increasing 6.85% to €61.76 per MWh.