Ankara: Energy prices saw sharp declines during this week amid easing tensions in the Middle East region, particularly related with the ceasefire efforts. Pakistan, together with Trkiye, China, Saudi Arabia and Egypt, managed to secure a two-week ceasefire between Washington and Tehran on Wednesday, 40 days after the US and Israel initiated attacks on Iran on Feb. 28. As part of the ceasefire deal, the two sides agreed to meet in Islamabad for talks to negotiate a lasting peace.

According to Anadolu Agency, following sharp fluctuations during the week, energy commodities closed the week with double-digit decreases. Brent crude futures decreased by 14.06% on Friday from the closing of the last week to $94.3, while West Texas Intermediate (WTI) stood at $95.6, down 15%. European natural gas prices posted a decline, with the Dutch TTF benchmark index falling by 12.44% to pound 43.8 (approximately $51.3) per megawatt/hour. Heating oil prices dropped by 13.6% to $3.7 per gallon, while natural gas prices in the UK
also dropped by 15%.