In the first week of June, Brent oil futures (ICE, Front Month) recorded an initial upward trend before reversing in the latter part of the week. On June 3, prices reached the weekly maximum settlement of $97.81/bbl, supported by geopolitical tensions. However, prices then declined, and by Friday, June 5, Brent futures fell to the weekly minimum of $93.09/bbl. Despite this drop, the final settlement was still 1.1% higher than the previous Friday, according to data analyzed by AleaSoft Energy Forecasting.
The early-week increase was driven by rising tensions in the Middle East and uncertainty surrounding negotiations between the United States and Iran. These factors initially pushed prices upward. However, later statements from the US president suggesting a potential agreement to keep the Strait of Hormuz open and extend the truce with Iran created downward pressure on prices. Additionally, OPEC+ confirmed continued production increases for July, even as some exporting countries face logistical challenges due to restrictions linked to the Strait of Hormuz.
Meanwhile, TTF natural gas futures (ICE, Front Month) also traded higher compared to the previous week, although prices remained below €50/MWh. On Monday, June 1, gas futures reached their weekly maximum of €49.09/MWh, before falling to a weekly low of €47.61/MWh on June 2. In the final sessions of the week, prices stabilized above €48/MWh, with Friday, June 5 closing at €48.50/MWh, which was 5.4% higher than the previous Friday.
Gas price movements were similarly influenced by geopolitical tensions in the Middle East and stalled negotiations between the United States and Iran. However, expectations of a possible diplomatic agreement helped limit further price increases, keeping TTF futures below the €50/MWh threshold throughout the week.
In the CO₂ emissions market, EEX EUA futures for the December 2026 contract remained below €80/t during the same period. Prices peaked on Tuesday, June 2, at €79.52/t, before declining over the rest of the week. By Friday, June 5, CO₂ futures reached their weekly minimum of €76.96/t, which represented a 4.6% decrease compared to the previous Friday, according to AleaSoft Energy Forecasting data.