Brent oil futures on ICE, Front Month, moved higher early in the first week of June before reversing later. The contract reached a weekly maximum settlement of $97.81/bbl on June 3 amid geopolitical tensions. It then fell, with prices dropping to a weekly minimum of $93.09/bbl by Friday, June 5. Even with the decline, the final settlement was 1.1% higher than the previous Friday, based on data analyzed by AleaSoft Energy Forecasting.
Middle East tensions and US-Iran talks shape Brent
The early rise in Brent was linked to increasing tensions in the Middle East and uncertainty around negotiations between the United States and Iran. Those factors initially supported higher prices during the week’s opening sessions. Later, statements attributed to the US president indicating a possible agreement to keep the Strait of Hormuz open and extend the truce with Iran added downward pressure. OPEC+ also confirmed continued production increases for July while some exporting countries faced logistical challenges tied to restrictions linked to the Strait of Hormuz.
TTF natural gas stays under €50/MWh
TTF natural gas futures on ICE, Front Month, traded above the prior week but remained below €50/MWh. On Monday, June 1, gas futures reached a weekly maximum of €49.09/MWh. They then moved down to a weekly low of €47.61/MWh on June 2. In the final sessions, prices stabilized above €48/MWh, with Friday, June 5 closing at €48.50/MWh, up 5.4% versus the previous Friday.
Geopolitics influence TTF while diplomatic expectations limit upside
Gas price movements were also tied to geopolitical tensions in the Middle East and stalled negotiations between the United States and Iran. Expectations of a potential diplomatic agreement helped curb further increases during the week. As a result, TTF futures stayed below the €50/MWh threshold throughout the period.
EEX EUA December 2026 falls below €80/t
In the CO₂ market, EEX EUA futures for the December 2026 contract remained under €80/t during the same period. Prices peaked on Tuesday, June 2, at €79.52/t, before easing for the rest of the week. By Friday, June 5, CO₂ futures reached a weekly minimum of €76.96/t. That level represented a 4.6% decrease compared with the previous Friday, according to AleaSoft Energy Forecasting data .
