During the third week of April, Brent oil futures (ICE, Front Month) remained below $100/bbl, showing high volatility driven by geopolitical developments and inventory signals. The weekly peak was reached on Thursday, April 16 at $99.39/bbl, followed by a sharp decline of 9.1% the next day. On Friday, April 17, prices fell to a weekly low of $90.38/bbl, which was also the lowest level since March 11 and 5.1% below the previous week’s close.
At the start of the week, oil prices briefly climbed above $99/bbl after failed peace negotiations between the United States and Iran. However, expectations of renewed talks, combined with shifting geopolitical signals, quickly reversed the upward momentum. Later in the week, additional downward pressure came from the announcement of a truce between Israel and Lebanon and Iran’s decision to reopen the Strait of Hormuz, improving supply outlook sentiment. Declining U.S. crude inventories provided only temporary support before broader bearish factors took over.
In the European gas market, TTF Front Month futures also followed a downward trajectory. Prices peaked on Monday, April 13 at €46.41/MWh, before steadily declining throughout the week. By Friday, April 17, they reached a low of €38.77/MWh, marking an 11% weekly decline and the lowest level since February 28.
The early-week increase was driven by heightened geopolitical tension, including failed negotiations with Iran and a blockade of Iranian ports. However, sentiment shifted as expectations of renewed diplomacy increased and ceasefire developments emerged between Israel and Lebanon. Additional bearish pressure came from higher temperatures, weaker LNG demand in Asia, and increased renewable generation in Europe, all contributing to softer gas prices.
Meanwhile, CO₂ emission allowance futures (EEX, December 2026 contract) showed the opposite trend. Prices reached a weekly low of €72.61/t on Monday, April 13, before steadily rising above €74/t for the remainder of the week. On Friday, April 17, they peaked at €77.48/t, marking a 6.4% increase compared to the previous week and the highest level since February 12, AleaSoft reports.