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Energy Markets
24.03.2026
Oil prices fell sharply on Monday after Donald Trump announced a five-day delay to planned strikes on Iranian energy sites, pointing to progress in US–Iran talks. This raised hopes of easing tensions. Brent crude dropped 11% to $99.94 per barrel, while WTI fell 10% to $88.13.
Gas prices in the UK also declined, with spot gas down 8.2% to 137.55 p/therm. Optimism around a possible resolution supported markets, as Trump noted “major points of agreement” in negotiations. The Summer 2026 gas contract also fell 4.6% to 141.43 p/therm, though Europe still faces competition with Asia for LNG.
Electricity prices in Europe moved in different directions. In Germany, day-ahead prices fell 33% to 76.81 EUR/MWh due to higher expected wind output. In France, prices rose 26% to 51.06 EUR/MWh nuclear outages, including issues at Civaux 2 and extended downtime at St Laurent 2.
Forward power prices edged lower, reflecting weaker gas markets. Germany’s 2027 contract fell 1% to 98.34 EUR/MWh, with France’s equivalent also down 1% to 56.87 EUR/MWh. Meanwhile, carbon prices rose, with EUAs for Dec-2026 up 2.4% to 69.26 EUR/tonne as gas shifts encouraged more coal use.