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Energy Markets
02.03.2026
Oil prices rose on Friday after US-Iran nuclear talks ended without a deal, increasing fears of supply disruptions in the Middle East. Ongoing tensions in the region have kept markets on edge and added to recent price volatility. Brent crude climbed 2.5% to $72.48 per barrel, while WTI crude rose 2.8% to around $67 per barrel.
UK spot gas prices jumped nearly 4% to 79.70 pence per therm as Norwegian gas exports to Europe fell week-on-week. Although lower heating demand has reduced withdrawals, the Summer 2026 contract held steady at 76.66 pence per therm. However, concerns remain over possible LNG supply disruptions, especially with European gas storage levels sitting 17% below the five-year average.
European spot electricity prices moved in different directions. Germany’s day-ahead power price fell 18% to 53.35 EUR/MWh as stronger solar output made up for weaker wind generation. In contrast, France’s day-ahead price rose 34% to 17 EUR/MWh due to colder temperatures increasing demand.
On the forward market, power contracts declined in line with a weaker carbon market. The German 2027 contract slipped 0.6% to 79.71 EUR/MWh, while the French equivalent fell 1.3% to about 50 EUR/MWh. European carbon allowances also dropped, with Dec-2026 EUAs down 1% to 70.29 EUR/tonne, pressured by Italy’s call to reform the EU ETS and broader geopolitical uncertainty.