The key facts

  • Brent fell 3.26% to $95.11 per barrel, with a weekly decline of 9.25%
  • WTI dropped 2.64% to $88.44, European gas fell 2.37% to €83.56 per MWh
  • Pressure on prices came from hopes for diplomatic de-escalation in the Middle East

Oil and gas continued to decline

Global energy prices continued to fall on Monday, led by oil and European natural gas, Anadolu reports. According to market data as of 12:50 GMT, the benchmark Brent crude fell 3.26% to $95.11 per barrel, with its decline over the past seven days reaching 9.25%. WTI lost 2.64% and dropped to $88.44 per barrel, a weekly decline of 8.42%. Gasoline fell 1.92% to $2.72 per gallon, and heating fuel fell 0.75% to $4.30 per gallon. European natural gas fell 2.37% to €83.56 ($93.5) per megawatt-hour, with its weekly decline reaching 11.96%.

The reason — hopes for de-escalation

According to the outlet, pressure on prices came from statements by US President Donald Trump that new military strikes on Iran are highly unlikely if Washington and Tehran reach an agreement on the nuclear dispute and the reopening of the Strait of Hormuz. Growing hopes for diplomatic de-escalation in the Middle East reduced investors' concerns about possible supply disruptions along key global sea routes. Additional pressure on prices came from expectations of eased shipping restrictions and a possible resumption of oil exports from Persian Gulf countries.