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Energy Markets
16.06.2025
Crude oil prices surged on Friday as tensions escalated between Israel and Iran, sparking fears of major supply disruptions in the Middle East. Although no oil infrastructure was directly impacted, traders reacted to the risk of potential damage to production and transport routes.
Brent crude rose 7% to $74.23 per barrel, while WTI crude climbed 7.3% to nearly $73. In Europe, an unexpected shutdown at Norway’s Kollsnes gas plant reduced supply, sending British spot gas prices up by over 5% to 91 p/therm. The Winter 2025 gas contract also jumped more than 4% amid the heightened geopolitical risks.
European electricity prices moved in the opposite direction. German spot power prices fell nearly 15% to 44.38 EUR/MWh due to warmer weather forecasts and increased wind power. French spot prices plummeted over 40% to 29.54 EUR/MWh as two nuclear reactors were reconnected earlier than planned.
Despite the drop in spot power, forward power prices increased, supported by strong gas and carbon markets. Germany’s 2026 power contract rose 2.4% to 92.18 EUR/MWh, while France’s gained 3.4% to 68.79 EUR/MWh. European carbon prices also rose, with Dec-2025 EUAs up 0.7%, closing near 76 EUR/tonne, amid supply concerns and high power demand.