Europe’s energy commodity markets saw mixed movement in early June as geopolitical tensions and supply expectations shaped trading. Brent oil futures on ICE for the Front Month rose early in the week before turning lower later on. On June 3, the contract settled at a weekly high of $97.81/bbl, supported by geopolitical concerns. By Friday, June 5, Brent futures had dropped to a weekly low settlement of $93.09/bbl.
Even with the decline into the end of the week, the final settlement remained above the prior Friday. The June 5 settlement was 1.1% higher than the previous Friday, based on data analyzed by AleaSoft Energy Forecasting.
Brent oil: weekly range tied to US-Iran talks and OPEC+ supply signals
The early-week rise in Brent was linked to increased tensions in the Middle East and uncertainty around negotiations between the United States and Iran. Those factors initially supported higher prices during the first part of the week. Later developments brought downward pressure as statements from the US president pointed to a possible agreement to keep the Strait of Hormuz open and extend the truce with Iran.
Supply expectations also played a role in price swings. OPEC+ confirmed continued production increases for July, while some exporting countries faced logistical challenges connected to restrictions linked to the Strait of Hormuz.
TTF gas: prices stay under €50/MWh despite geopolitical pressure
In natural gas trading, TTF futures on ICE for the Front Month also moved higher versus the previous week, but remained below €50/MWh throughout. On Monday, June 1, gas futures reached a weekly maximum settlement of €49.09/MWh. The contract then fell to a weekly low of €47.61/MWh on June 2.
During the final sessions, prices stabilized above €48/MWh. On Friday, June 5, TTF futures closed at €48.50/MWh, which was 5.4% higher than the previous Friday.
Geopolitical factors in the Middle East and stalled US-Iran negotiations continued to influence gas prices during the week. Expectations of a potential diplomatic agreement helped limit further increases, keeping TTF futures under the €50/MWh threshold.
EEX EUA: December 2026 contract declines below €80/t
In carbon markets, EEX EUA futures for the December 2026 contract stayed below €80/t during the same period. Prices peaked on Tuesday, June 2, at €79.52/t, before easing over subsequent sessions. By Friday, June 5, CO₂ futures reached a weekly minimum settlement of €76.96/t.
The June 5 level represented a 4.6% decrease compared with the previous Friday, according to AleaSoft Energy Forecasting data .
