Front-month Brent crude oil futures on the ICE market reached a weekly low settlement of $99.25/bbl on Tuesday, September 22 after five straight sessions of declines. AleaSoft Energy Forecasting data shows the level was the lowest since September 9. Prices later recovered to a weekly high of $106.60/bbl on Thursday, September 24, before settling at $104.32/bbl on Friday, September 25, up 0.4% from the previous Friday.
Early-week trading reflected a US President’s offer to meet with Iran’s president during the United Nations General Assembly, which contributed to downward pressure on oil prices. On September 23, prices moved higher after Iran refused to accept US demands. The next 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. Brent reached its weekly peak on those developments, and prices fell on Friday after Iran proposed an interim agreement that would include reopening the Strait of Hormuz within seven days.
TTF gas tracks Strait of Hormuz expectations
Front-month TTF gas futures on ICE settled at €73.25/MWh on Monday, September 21, which was 7.9% lower than the previous Friday. The contract’s weekly low was €72.01/MWh on September 23, the lowest level since September 5, according to AleaSoft Energy Forecasting. On Thursday, September 24, prices rose by 4.3% to a weekly high of €75.11/MWh. By Friday, September 25, the settlement price declined to €72.07/MWh, down 9.4% versus the previous Friday.
Lower European gas prices were linked to expectations for talks between the United States and Iran focused on a gradual reopening of the Strait of Hormuz, alongside an increase in vessels using alternative routes. Despite the price moves, European Union gas storage facilities were around 70% full and remained below the seasonal five-year average.
EEX December 2026 allowance contract holds above €86/t
Futures for EEX CO2 emission allowances under the December 2026 reference contract stayed above €86/t throughout the fourth week of September. The weekly low settlement was €86.03/t on September 23, while the weekly high reached €86.97/t on Thursday, September 24. On Friday, September 25, the contract settled at €86.79/t, only 0.1% below the previous Friday, AleaSoft reports.