Reports of a potential peace agreement between the United States and Iran have triggered a sharp decline in global energy prices.
Currently, Brent crude oil prices have fallen by around 10% to approximately $98 per barrel, while Light crude has dropped by more than 9% to about $90 per barrel.
Natural gas prices in Europe have also declined. At the Dutch TTF hub, June futures fell by roughly 12.5%, reaching around €41 per megawatt-hour.
According to experts, the decline is mainly driven by reports that Washington and Tehran are nearing the signing of a memorandum of understanding aimed at ending the conflict and launching broader negotiations over Iran’s nuclear program.
Analysts note that easing tensions in the Strait of Hormuz — through which nearly 20% of global LNG supplies pass — is especially significant for Europe, as countries across the region are currently trying to build up energy reserves ahead of winter.
Before tensions escalated in the Middle East, Brent crude traded at around $70 per barrel. During the conflict, however, prices surged sharply, with Brent rising by nearly 90% and Light crude increasing by more than 80%.
