Brent oil futures for the Front-Month contract in the ICE market reached their weekly settlement high of $92.17/bbl on Monday, August 24, although this was already 2.4% below the previous Friday’s level. Prices continued to decline over the following sessions, reaching a weekly low of $87.84/bbl on Wednesday, August 26. During the final two trading sessions of the week, prices recovered slightly and remained above $89/bbl. On Friday, August 28, Brent settled at $89.31/bbl, 5.4% below the previous Friday’s settlement.
Persistent tensions between the United States and Iran continued to weigh on the oil market. Maritime traffic through the Strait of Hormuz remained below normal levels despite a proposal for a temporary shipping corridor between Iran and Oman. The ongoing uncertainty surrounding the region 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 in the ICE market reached a weekly settlement high of €68.32/MWh on Monday, August 24, 3.7% above the previous Friday and the highest level recorded since January 11, 2023. Prices subsequently declined, reaching a weekly low of €65.63/MWh on Wednesday, August 26. By Friday, August 28, the settlement price stood at €66.98/MWh, representing a 1.7% increase compared with the previous Friday.
European gas storage facilities ended August with inventories at around 65% of total capacity. This relatively high storage level, together with continued geopolitical tensions surrounding the Strait of Hormuz, helped keep TTF gas futures above €65/MWh throughout the week.
Regarding CO₂ emission allowance futures for the December 2026 reference contract traded on the EEX market, prices 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, reaching a weekly low of €82.42/t on Thursday, August 27. On Friday, August 28, the settlement price was €82.74/t, virtually unchanged from the previous Friday, AleaSoft reports.