Energy prices extend gains amid ongoing US-Iran tensions

Prices of energy commodities continued to increase on Thursday as the US-Iran war showed no signal of ending.

Brent futures traded at $102.3 per barrel as of 0950GMT, up 1.1%; West Texas Intermediate stood at $97.5, up 1.5%.

Natural gas prices were also in an upward trend as the EU Gas index was up 2.4% to exceed €81 ($94.2), hitting the highest level since the end of 2022.

On Wednesday, US President Donald Trump said current high energy prices are related to US efforts to prevent Iran from obtaining a nuclear weapon.

Vessel traffic through the Strait of Hormuz has declined significantly since Iran announced its closure on Aug. 12, citing US attacks.

The Strait of Hormuz is a key global chokepoint for energy commodities, particularly crude oil.