Energy markets moved higher on Thursday, with oil prices approaching the $100 per barrel mark. Markets are currently balancing signs of diplomatic progress in the Middle East against ongoing risks to supply. While a ceasefire announcement between Israel and Lebanon helped support sentiment, continued disruption, including a U.S. blockade on Iranian ports, is keeping underlying concerns in place. Brent crude rose by around 5% to $99.39 per barrel, with WTI increasing by 4% to $94.69.

Gas prices also moved up on the day. The UK NBP spot price increased by 2.5% to 105.50 p/therm, supported by anticipation around further updates from peace talks and slightly colder weather forecasts. On the forward curve, the Winter 2026 contract rose by 3% to 107 p/therm, with low European storage levels and slower injection rates continuing to underpin prices.