During the week of August 24, Brent oil futures for the Front-Month contract on the ICE market reached a weekly settlement high of $92.17/bbl on Monday, August 24. However, this was already 2.4% below the previous Friday’s settlement. Prices continued to weaken during the following sessions, reaching a weekly low of $87.84/bbl on Wednesday, August 26. Brent recovered slightly during the final two trading sessions, remaining above $89/bbl. On Friday, August 28, the contract settled at $89.31/bbl, down 5.4% from the previous Friday.
Ongoing tensions between the United States and Iran continued to influence the oil market during the week. Maritime traffic through the Strait of Hormuz remained below normal levels despite a proposal for a temporary shipping corridor between Iran and Oman. The continued geopolitical uncertainty reversed the gains recorded during the previous week and contributed to the decline in Brent futures.
Meanwhile, TTF natural gas futures for the Front-Month contract on the ICE market reached a weekly settlement high of €68.32/MWh on Monday, August 24. This represented a 3.7% increase from the previous Friday and marked the highest settlement level since January 11, 2023. Prices subsequently eased, reaching a weekly low of €65.63/MWh on Wednesday. By Friday, August 28, TTF futures settled at €66.98/MWh, still 1.7% above the previous Friday’s level.
European gas storage facilities ended August with inventories at approximately 65% of total capacity. The relatively strong storage position, combined with continued geopolitical uncertainty around the Strait of Hormuz, helped keep TTF gas prices above €65/MWh throughout the week.
In the CO₂ emissions market, futures for the December 2026 reference contract traded on the EEX market reached a weekly settlement high of €84.43/t on Tuesday, August 25. This was the highest level since July 23. Prices remained below €83/t during the final three trading sessions and reached a weekly low of €82.42/t on Thursday, August 27. On Friday, August 28, the contract settled at €82.74/t, virtually unchanged from the previous Friday, according to AleaSoft.
