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Energy Markets
27.03.2026
Global energy prices moved higher on Thursday as tensions in the Middle East continued to escalate. Hopes of a potential ceasefire faded after Iran rejected a US peace proposal, while reports of increased US military presence added to concerns around further escalation. As a result, oil prices rose sharply, with Brent crude up 5.7% to $108 per barrel and WTI increasing by 4.6% to $94.48 per barrel.
Gas markets followed a similar trend. Ongoing uncertainty around the Strait of Hormuz, a key route for global LNG supply, continued to support prices. The UK NBP spot contract rose by 5.4% to 136.70 p/therm, while the Summer 2026 contract increased by 4.6% to 137.77 p/therm.
European electricity prices also moved higher. Reduced wind generation and colder-than-seasonal temperatures pushed up demand, with German day-ahead prices rising by 30% to €118.53/MWh and French prices increasing by 63% to €115/MWh.
Further along the curve, power prices edged higher in line with stronger gas and carbon markets. The German Cal-2027 contract rose by 2.5% to €97.73/MWh, while the French equivalent increased by nearly 3% to €59.55/MWh. European carbon prices also moved up slightly, with the December 2026 contract rising by 1.3% to €71.65 per tonne.