Energy prices surge following Strait of Hormuz closure

Oil and European natural gas prices experienced significant weekly gains following a new military confrontation between the United States and Iran that led to the closure of the Strait of Hormuz to shipping. WTI crude oil closed at $82.49 per barrel, marking a 15.5% weekly increase, while Brent crude reached a one-month high of $88.10 per barrel, up 15.9%. European natural gas benchmark TTF rose 17.8% over the week to €58.8 per megawatt-hour, contributing to a 41% increase throughout July. British natural gas prices rose 11.7% and German prices by 9.4%, whereas US natural gas saw a slight decline of 0.9%. According to Gas Infrastructure Europe, current European gas storage terminal capacity is at 51.15%, totaling 600.76 TWh. National storage levels are reported at 44% for Germany, 52% for France, 71% for Italy, and 72% for Spain.