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Energy Markets
24.06.2026
Oil prices moved lower on Tuesday as confidence continued to build around the outlook for shipping through the Strait of Hormuz. Progress in discussions between the US and Iran, along with an agreement between Oman and Iran to continue talks on navigation arrangements, helped ease concerns over potential supply disruptions. As a result, Brent crude fell 1% to $77.08 per barrel, while WTI slipped by nearly 1% to $73.21 per barrel.
UK gas prices remained relatively firm despite improving geopolitical sentiment. While peace talks in the Middle East have helped calm some market concerns, traders remain focused on ongoing supply risks. Strong LNG demand from Asia and uncertainty around how quickly shipping activity can fully recover through the Strait of Hormuz continue to provide support to gas prices. The NBP spot contract edged 0.4% higher to 102 p/therm.
Looking further ahead, the Winter 2026 gas contract was largely unchanged at 106.07 p/therm, reflecting a market that remains balanced between improving geopolitical conditions and underlying supply concerns. Although sentiment has improved, traders continue to monitor global LNG demand, shipping activity and regional stability as key factors influencing future price direction.
European power markets continued their recent rally, driven by extreme weather and tighter generation availability. German day-ahead prices surged as wind generation forecasts fell sharply, while French prices climbed amid record-breaking temperatures and ongoing disruption at several nuclear reactors. Longer-term power contracts saw little movement, while European carbon prices eased by 1% to €80.71 per tonne as traders reduced positions ahead of this week's options expiry.