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Energy Markets
10.04.2026
Energy prices rose on Thursday due to ongoing risks around the Strait of Hormuz. Israeli strikes in Lebanon and a drone attack on Saudi Arabia’s East-West pipeline increased concerns about supply disruptions. Uncertainty over safe shipping routes, including possible mines, added further pressure. As a result, Brent crude climbed over 1% to $95.92 per barrel, while WTI jumped nearly 4% to $97.87.
British gas prices also increased as traffic through the strait remained very limited, with far fewer ships and no LNG cargoes compared to normal levels. However, gains eased slightly after Israel signaled it would begin talks with Lebanon. The NBP spot price rose 1% to 115 p/therm, and the Winter 2026 contract gained over 2% to 117.46 p/therm.
European spot power prices moved in different directions. Germany’s price surged 46% to 119.57 EUR/MWh due to expectations of lower wind and solar output. Meanwhile, France’s price fell 23% to 39.93 EUR/MWh after improvements in nuclear availability, including shorter outages and earlier reactor restarts.
In forward markets, power prices followed stronger gas trends. Germany’s Cal-2027 contract rose 1.4% to 91.43 EUR/MWh, while France’s increased slightly by 0.3% to 55.21 EUR/MWh. European carbon prices also rose, with EUAs for December 2026 up 4% to 71.69 EUR/tonne, supported by overall bullish energy markets despite a small drop in emissions.