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Energy Markets
10.03.2026
Oil markets moved sharply higher on Monday, with prices reaching their highest levels since 2022 as geopolitical tensions in the Middle East continue to escalate. Saudi Arabia and other OPEC producers reduced output during the intensifying U.S.–Israeli conflict with Iran, adding further pressure to already tight global supply.
Additional support came from Asia, where China and Thailand introduced temporary fuel export restrictions last week, raising concerns about regional availability. As a result, Brent crude rose by almost 7% to close near $99 per barrel, while WTI crude increased by 4.3% to $94.77 per barrel.
Gas markets also strengthened. The UK’s NBP spot price increased by around 5% to 140 p/therm, driven by ongoing supply concerns as the Middle East conflict enters its second week. At the same time, maintenance at Norway’s Nyhamna processing facility has reduced gas flows by approximately 20 mcm per day, tightening supply further.
Further along the curve, the Summer 2026 gas contract climbed by 6.2% to 134.72 p/therm as the market continues to assess the wider impact of the conflict on global gas supply and longer-term market stability.