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Energy Markets
30.04.2026
Gas and oil prices rose on Wednesday due to fears that tensions around Iran could disrupt supply, particularly if the Strait of Hormuz is affected. Crude hit a one-month high after reports the U.S. is considering military action, with options including strikes or securing shipping routes. As diplomatic efforts weaken, risks of escalation are growing. Brent crude rose 6% to $118.03, while WTI climbed 7% to $106.88.
UK gas prices also increased, reaching a two-week high as geopolitical uncertainty and low EU storage levels supported the market. Additional pressure came from maintenance in UK and Norwegian gas fields, lower LNG imports, and potential weather impacts from El Niño. The NBP spot price jumped 9.4% to 115 p/therm, while Winter 2026 contracts rose 7% to 118.10 p/therm.
European electricity prices moved higher as supply tightened. In Germany, reduced wind output outweighed strong solar generation, pushing spot prices up over 10% to 72.06 EUR/MWh. French spot prices also increased due to lower renewable availability. Forward power prices followed the upward trend, with German and French 2027 contracts both rising slightly.
In contrast, European carbon prices fell amid geopolitical uncertainty and weaker economic signals. Investment funds reduced their net long positions, reflecting lower risk appetite. As a result, December 2026 EU carbon permits dropped 2.5% to 73.20 EUR/tonne.