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Energy Markets
03.02.2026
Crude oil prices fell sharply on Monday as easing tensions between the U.S. and Iran triggered profit-taking after recent gains. Brent crude dropped 6.2% to $66.30 per barrel, while WTI fell 4.7% to $62.14, helped by news of a U.S.–India trade deal that would see India stop buying Russian oil.
UK spot gas prices also declined, pressured by higher Norwegian pipeline supply and a wider sell-off across commodities. Prices fell 14.7% on the day, settling at 88.38 p/therm.
Gas prices along the forward curve weakened as well, with the Summer 2026 contract dropping 7.6% to 72.30 p/therm. The fall reflected reduced concerns over Middle East supply risks as the U.S. appeared to avoid renewed conflict with Iran.
European power markets moved lower, supported by milder weather forecasts and strong wind generation. While gas and power fell, carbon prices rebounded, with Dec-2026 EUAs rising 2.5% to 83.28 EUR/tonne on improved geopolitical sentiment and supportive technical signals.