Energy prices post major weekly declines amid easing tensions in Middle East

Energy prices saw sharp declines during this week amid easing tensions in the Middle East region, particularly related with the ceasefire efforts.

Pakistan, together with Türkiye, China, Saudi Arabia and Egypt, managed to secure a two-week ceasefire between Washington and Tehran on Wednesday, 40 days after the US and Israel initiated attacks on Iran on Feb. 28.

As part of the ceasefire deal, the two sides agreed to meet in Islamabad for talks to negotiate a lasting peace.

Following sharp fluctuations during the week, energy commodities closed the week with double-digit decreases.

Brent crude futures decreased by 14.06% on Friday from the closing of the last week to $94.3, while West Texas Intermediate (WTI) at $95.6, down 15%.

European natural gas prices posted a decline, Dutch TTF benchmark index fell by 12.44% to €43.8 (some $51.3) per megawatt/hour.

Heating oil prices dropped by 13.6% to $3.7 per gallon while natural gas prices in the UK also dropped by 15%.