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 showed 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.
US President’s offer to meet Iran’s president during the United Nations General Assembly weighed on oil prices at the start of the week. Brent moved higher on September 23 after Iran declined to accept US demands. The next day, Yemen’s Houthis launched missiles toward Saudi Arabia, and a senior Iranian military official said Iran could extend the conflict to the Indian Ocean if another country attacked it. Brent then reached its weekly peak, before falling on Friday following Iran’s proposal for an interim agreement that would include reopening the Strait of Hormuz within seven days.
TTF gas futures track 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. Prices fell to a weekly low of €72.01/MWh on September 23, the lowest level since September 5, according to AleaSoft Energy Forecasting. On Thursday, September 24, TTF rose by 4.3% to a weekly high of €75.11/MWh. By Friday, September 25, the contract settled at €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. European Union gas storage facilities were around 70% full and remained below the seasonal five-year average.
EEX December 2026 carbon allowances stay above €86/t
Futures for EU ETS emission allowances under the December 2026 reference contract remained above €86/t throughout the fourth week of September on EEX. 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, just 0.1% below the previous Friday.