In the second week of March, Brent oil futures in the ICE market experienced notable volatility, with prices remaining above $90 per barrel for most of the week. The week began with a price drop to a low of $87.80 per barrel on March 10, but by March 13, prices surged to a peak of $103.14 per barrel. This increase represents an 11% rise compared to the previous week and marks the highest price level since August 30, 2022.
The fluctuations in oil prices can be attributed to ongoing instability in the Middle East, particularly affecting supply routes through the Strait of Hormuz. Initial declines in oil prices were influenced by remarks from the US president hinting at a potential resolution to regional conflicts and reports that G7 nations might release oil from their strategic reserves. However, as tensions persisted, prices rebounded sharply later in the week, even following the International Energy Agency’s unprecedented decision to release emergency oil reserves.
TTF gas futures also demonstrated significant volatility during this period. Prices peaked at €56.45 per MWh on March 9, marking the highest level since February 12, 2025. Following a sharp decline of 16%, TTF gas prices hit a weekly low of €47.39 per MWh on March 10 before stabilizing around €50 per MWh for the remainder of the week. The final settlement price on March 13 was recorded at €50.12 per MWh, reflecting a decrease of 6.1% from the previous Friday. These fluctuations were primarily driven by supply concerns linked to Middle Eastern instability and low gas storage levels in Europe, which are currently below 29% capacity.
In terms of CO₂ emission allowance futures traded on the EEX market, the December 2026 contract reached a high of €72.93 per ton on March 10 but saw a decline through Thursday, dropping to €68.75 per ton—the lowest since May 2, 2025. By March 13, prices slightly recovered to €69.18 per ton, still down by 2% from the prior week’s closing figures.
The developments observed during this week underscore significant volatility across energy markets, driven largely by geopolitical tensions and uncertainties surrounding supply chains for Brent oil, TTF gas, and CO₂ allowances.
