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Energy Markets
13.05.2026
Crude oil prices moved higher on Tuesday as ongoing tensions between the US and Iran continued to weigh on hopes for any near-term peace agreement. Concerns around potential supply disruption through the Strait of Hormuz kept a risk premium in the market, with Brent and WTI both posting strong gains. Attention is now turning to upcoming diplomatic activity, including President Trump’s visit to China, which could influence future discussions around the waterway.
UK gas prices also strengthened, supported by stalled diplomatic progress and continued uncertainty over flows through key shipping routes. The market remains sensitive to any disruption through the Strait of Hormuz, with traders pricing in tighter supply conditions as we move through the summer period.
Further along the curve, prices edged higher as Europe continues to prepare for increased competition for LNG with Asia. Limited storage flexibility and ongoing geopolitical uncertainty are keeping forward contracts supported, even as longer-term fundamentals remain broadly stable.
European power markets saw mixed movement on Tuesday. German prices rose sharply due to expectations of weaker wind and solar output, while French prices fell significantly following the early return of nuclear capacity. Carbon markets also eased, with traders taking profits after recent gains and activity remaining relatively subdued.