Commodities
US-Iran Tensions Fuel Global Energy Price Surge
Global energy prices continued to rise on Thursday as tensions between the US and Iran persisted. The conflict has significant implications for the global economy, particularly in terms of energy supply and prices.
The Brent futures market saw a 1.1% increase, trading at $102.3 per barrel, while West Texas Intermediate rose by 1.5%, reaching $97.5 per barrel.
Natural gas prices also followed the upward trend, with the EU Gas index increasing by 2.4% to hit €81 ($94.2), a level not seen since the end of 2022.
The Strait of Hormuz, a key global chokepoint for energy commodities, has experienced reduced vessel traffic following Iran's announcement on August 12 that it would close the waterway due to US attacks.