London: 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.

According to Anadolu Agency, 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.