Energy markets were shaken on Thursday as oil and gas prices pushed upward worldwide. The market movement came swiftly after US President Donald Trump stated that Washington does not need a pact with Iran anymore.
Market numbers jump
European natural gas witnessed a massive surge of 10.3% to hit €95.6 ($105.7) per megawatt-hour as of 2000GMT, taking it to a 2.15% weekly gain.
International benchmark Brent crude climbed 3.6% to reach $96 per barrel, even though it stayed 4.9% down on a weekly basis. Meanwhile, US benchmark West Texas Intermediate (WTI) crude gained 2.9% to reach $89 per barrel, remaining 4.5% lower for the week.
“We don't need a deal with Iran. Those days have long since passed,”Trump
Tensions at the Strait
Donald Trump asserted that Washington holds Iranian financial assets alongside control over the Strait of Hormuz.
The crucial maritime pathway serves as a vital shipping route for energy across the globe. It has historically remained a tense flashpoint between Iran and the US, carrying major influence over international oil supplies.
