In the second week of June, Brent crude oil futures (Front Month, ICE market) set a weekly peak settlement price of $94.25/bbl on Monday, June 8. Prices stayed above $90/bbl until Thursday before dropping sharply at the end of the week. On Friday, June 12, Brent fell by 3.4% versus the previous day to a weekly minimum settlement price of $87.33/bbl. AleaSoft Energy Forecasting said the $87.33/bbl level was 6.2% lower than the previous Friday and the lowest since March 6.
Middle East geopolitical developments were cited as a key factor behind Brent’s moves during the week. Expectations for a potential peace agreement between the United States and Iran weighed on prices toward the end of the period. Additional bearish elements included an OPEC+ decision to keep production increases in place for July and weaker-than-expected US inflation data.
After an announcement on Sunday, June 14, that an agreement would end the conflict between the United States and Iran and reopen the Strait of Hormuz, Brent futures fell further. The contract traded below $85/bbl on Monday, June 15. The official signing was expected for Friday, June 19 in Switzerland.
TTF natural gas trades lower after negotiations progress
During the same period, TTF natural gas futures (ICE, Front Month) mostly traded above €48.50/MWh. Prices reached a high of €49.99/MWh on June 10. The weekly minimum was recorded on Friday, June 12 at €46.77/MWh following a 5.9% daily decline. AleaSoft Energy Forecasting reported that this level was 3.6% below the previous week’s closing price.
Geopolitical tensions in the Middle East supported higher gas prices for most of the week, while easing expectations and progress in US-Iran negotiations coincided with a late-period decline. After a preliminary agreement announcement, TTF futures dropped further to trade below €44.60/MWh on June 15.
EEX CO₂ allowances hold near €77/t
CO₂ emission allowance futures (EEX, December 2026 contract) showed comparatively stable trading patterns over the week . They reached a weekly low of €76.17/t on June 9 before rising to a weekly high of €77.52/t on June 10. Prices remained above €77/t for most of the week and ended at €77.17/t on June 12.
AleaSoft reported that the €77.17/t settlement on June 12 was 0.3% higher than the previous Friday .
