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Energy Markets
22.06.2026
Oil prices moved higher on Friday despite signs that shipping activity through the Strait of Hormuz is beginning to improve. Markets remained cautious after Iran indicated that vessels would still need to coordinate transit through the region, keeping some uncertainty around global energy supplies. In relatively quiet trading conditions, Brent crude rose nearly 1% to $80.57 per barrel, while WTI closed broadly stable at $76.56 per barrel.
UK gas prices also strengthened, supported by a combination of warmer weather and ongoing geopolitical uncertainty. A heatwave across Northwest Europe increased demand for cooling, while concerns around French nuclear generation added further support to the market. As a result, the NBP spot contract rose 2.4% to 102 p/therm as short-term demand expectations increased.
Looking further ahead, the Winter 2026 gas contract climbed 3.7% to 106.95 p/therm. The move higher followed reports that further US-Iran negotiations had been postponed indefinitely, prompting markets to reassess longer-term supply risks. While near-term supply conditions remain comfortable, uncertainty around future geopolitical developments continues to influence forward energy prices.
European power markets moved lower in the short term as stronger renewable generation helped increase electricity supply. Day-ahead prices fell in both Germany and France, although longer-term power contracts edged higher alongside stronger gas markets. Meanwhile, European carbon prices rose 0.7% to €80.58 per tonne, supported by expectations of higher cooling demand and improved market sentiment ahead of next week's options expiry.