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Energy Markets
10.06.2026
Energy markets eased on Tuesday as tensions between Iran and Israel temporarily cooled following reports that both sides had agreed to pause military action. The development helped reduce immediate concerns around global energy supplies, pushing oil prices lower. Brent crude fell 3% to $91.45 per barrel, while WTI dropped 3.4% to $88.20 per barrel. Despite the decline, markets remain alert as uncertainty continues over whether a lasting resolution can be achieved.
UK gas prices also moved lower, with the NBP spot contract falling 3.2% to 117.75 p/therm. Improved confidence around LNG shipments helped support the decline, as another Qatari-controlled LNG tanker successfully navigated regional waters despite ongoing disruption risks. This eased some of the supply concerns that had been supporting prices in recent weeks.
Further along the curve, the Winter 2026 gas contract fell 2% to 121 p/therm. Alongside easing geopolitical tensions, strong gas storage injections across Europe added further downward pressure. Healthy storage levels continue to provide reassurance for the market, helping to offset concerns around future supply availability and supporting a more balanced outlook.
European power markets moved in the opposite direction, with day-ahead prices rising as forecasts pointed to lower wind generation and reduced electricity supply. German power prices climbed more than 26%, while French prices also increased following extensions to planned nuclear maintenance. Meanwhile, longer-term power contracts edged lower alongside gas markets, and carbon prices softened by 1% to €76.15 per tonne in what was otherwise a relatively quiet trading session.