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Energy Markets
25.08.2026
Oil prices eased on Monday after a strong weekly gain as traders took profits ahead of new US sanctions on Iran. Increased tanker traffic through the Strait of Hormuz helped ease some supply concerns, despite Washington’s new sanctions campaign. Brent crude fell 2.4% to $92.17 per barrel, while WTI dropped 2.4% to $85 per barrel.
UK gas prices climbed to fresh 3.5-year highs as new US sanctions on Iran added to supply concerns, while low European storage levels kept the winter outlook tight. The NBP spot contract rose 1.3% to 166.15 p/therm, while Winter 2026 jumped 3.5% to 169.76 p/therm as geopolitical risks remained elevated.
European spot power prices surged on Monday as hot and dry weather tightened supply. German day-ahead power jumped 39% to 141.43 EUR/MWh as low river levels affected transport and cooling water availability, while French power rose 53% to 153.92 EUR/MWh as heat-related nuclear cuts were expected to increase. Further along the curve, German 2027 power gained 2% to 113.76 EUR/MWh and French 2027 rose 2% to 68.66 EUR/MWh.
European carbon prices also strengthened as higher energy prices supported the market, with Dec-2026 EUAs reaching their highest level in a month. The return of European lawmakers also helped improve market sentiment. As a result, the Dec-2026 EUA contract rose 1.4% to 83.80 EUR/tonne.