Front-month Brent crude oil futures on the ICE market recorded a weekly low settlement price of $99.25/bbl on Tuesday, September 22, following five consecutive sessions of declines. According to data analyzed by AleaSoft Energy Forecasting, this was the lowest settlement level since September 9. Prices then recovered, reaching a weekly high of $106.60/bbl on Thursday, September 24. By Friday, September 25, Brent settled at $104.32/bbl, 0.4% above the previous Friday’s level.
Oil prices initially came under pressure after the US president offered to meet with Iran’s president during the United Nations General Assembly. However, Iran’s rejection of the US proposal contributed to a price recovery on September 23. The following day, Yemen’s Houthis launched missiles toward Saudi Arabia, while a senior Iranian military official warned that Iran could extend the conflict to the Indian Ocean if another country attacked it. These developments helped drive Brent to its weekly peak. Prices eased on Friday after Iran proposed an interim agreement that would include reopening the Strait of Hormuz within seven days.
Front-month TTF gas futures on the ICE market settled at €73.25/MWh on Monday, September 21, 7.9% below the previous Friday’s level. Prices reached a weekly low of €72.01/MWh on September 23, their lowest settlement since September 5, according to AleaSoft Energy Forecasting. On Thursday, September 24, prices rebounded by 4.3% to reach a weekly high of €75.11/MWh. By Friday, September 25, TTF settled at €72.07/MWh, 9.4% below the previous Friday’s level.
Expectations of talks between the United States and Iran on the gradual reopening of the Strait of Hormuz, together with an increase in the number of vessels using alternative shipping routes, contributed to lower European gas prices. However, EU gas storage levels stood at around 70% of capacity, remaining below the seasonal average recorded over the previous five years.
Meanwhile, CO2 emission allowance futures for the December 2026 reference contract on the EEX market remained above €86/t throughout the fourth week of September. The contract recorded a weekly low settlement price of €86.03/t on September 23 before reaching a weekly high of €86.97/t on Thursday, September 24. On Friday, September 25, the contract settled at €86.79/t, just 0.1% below the previous Friday’s level, according to AleaSoft Energy Forecasting.
