Oil prices rose by more than 15% last week, and the price of European natural gas rose by more than 17% due to the new military confrontation between the U.S. – Iran, which resulted in the Strait of Hormuz being closed to shipping once again.

Specifically, the price of U.S. crude oil, WTI, closed on Friday with a significant increase of 4.5%, at $82.49 per barrel, while for the week it rose 15.5%.

The price of Brent crude, North Sea, rose on Friday by 4.6% to $88.10 per barrel, a one-month high, while on a weekly basis, it gained 15.9%.

Furthermore, the price of natural gas, TTF (Amsterdam), August contracts—which serve as a benchmark for Europe—closed on Friday at €58.8 per megawatt-hour, posting a significant increase of 4.7%, while on a weekly basis it rose by 17.8%. During July, the TTF price jumped 41%.

It is noteworthy that the price of British natural gas rose by 11.7% over the past week, and the price of German natural gas by 9.4%. In contrast, the price of U.S. natural gas fell by 0.9% on a weekly basis.

According to data from Gas Infrastructure Europe, the natural gas storage levels at European terminals stand at 51.15% of their capacity (600.76 terawatt-hours per hour – TWh). In Germany, storage levels are at 44%; in France, at 52%; in Italy, at 71%; and in Spain, at 72%.

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Source: KYPE