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Energy Markets
16.03.2026
Oil prices moved higher on Friday, with Brent crude remaining above $100 per barrel as geopolitical tensions continued to dominate the market. The ongoing conflict with Iran and the closure of the Strait of Hormuz have raised concerns about significant global supply disruptions and the potential for wider inflationary pressure across energy markets.
Efforts to stabilise sentiment have so far had limited impact. The International Energy Agency announced a record release of strategic reserves, while the US signalled it may allow limited purchases of Russian crude. Despite these measures, markets remained cautious. Brent crude rose by 2.7% to $103.14 per barrel, while WTI crude increased by more than 3% to $98.71 per barrel.
In the UK gas market, the NBP spot price edged up slightly by 0.2% to 126 p/therm. Ongoing tensions in the Middle East continue to support prices, although stronger gas flows from Norway and the approaching end of the heating season helped limit further gains.
Further along the curve, the Summer 2026 gas contract declined by around 1% to 122.47 p/therm as traders factored in efforts by the US and France to help ensure LNG shipments continue to move safely through the Gulf.