Energy prices close week with sharp increases
Brent oil up 9%, European natural gas 17%, US gasoline 6% week-on-week on Friday
A view from a gas station in the capital city of Cairo, Egypt, on March 14, 2026. Egypt announces a price hike of 15% to 30% for petroleum products and natural gas due to regional security concerns following U.S.-Israeli strikes on Iran, citing the direct impact of Middle Eastern developments on global energy markets.
Istanbul
During the last week, energy commodities posted huge increases amid the escalating tensions in the Middle East.
While closure of the strategic trade route, Hormuz Strait, continues to effect markets severely, Iran's retaliatory attacks on energy hubs in the Gulf region increase inflationary concerns.
Brent oil posted a weekly increase of 9.03% to $112.45 per barrel at weekly close on Friday. Its peak level was at $118.5 as of Thursday.
Natural gas prices in European countries increased around %17 to €59.2 per megawatt-hour, after hitting around €70 on Thursday.
US gasoline futures topped $3.20 per gallon, gaining 6% on a weekly basis.
Electricity prices also rose during the week; 12.67% in the UK, 7.42% in Italy, 3.34% in Germany, and 1.56% in France.
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