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Energy Markets
28.04.2026
Energy markets opened the week with mixed signals, driven by ongoing geopolitical developments. Oil prices moved higher amid continued uncertainty around US–Iran relations, with talks appearing to stall before reports suggested Iran may consider reopening the Strait of Hormuz. As a result, Brent crude rose by nearly 3% to $108.23 per barrel, while WTI increased by 2% to $96.37 per barrel.
In contrast, UK gas prices moved lower, with the market turning its focus back to fundamentals. Forecasts for milder weather across Western Europe are expected to reduce heating demand, easing short-term pressure. The NBP spot price fell by 1.4% to 108.70 p/therm, while the Winter 2026 contract edged down by 0.5% to 112.55 p/therm.
Power markets showed a mixed picture across Europe. In Germany, day-ahead prices increased to 70.65 EUR/MWh despite stronger wind generation, while in France, prices rose following an unplanned outage at a nuclear reactor. Further along the curve, prices softened in line with weaker gas markets, with both German and French 2027 contracts moving slightly lower.
Carbon markets remained relatively quiet, with prices easing slightly due to a lack of new drivers. The December 2026 contract dipped by 0.2% to 74.74 EUR/tonne. Overall, the market continues to balance geopolitical uncertainty with underlying fundamentals, keeping price movements reactive and short-term in nature.