In the second week of June, Brent crude oil futures (Front Month, ICE) set a weekly peak settlement price of $94.25/bbl on Monday, June 8. Prices stayed above $90/bbl until Thursday before dropping sharply toward the end of the week. On Friday, June 12, Brent fell by 3.4% versus the previous day to a weekly minimum settlement of $87.33/bbl. AleaSoft Energy Forecasting said the level was 6.2% lower than the previous Friday and the lowest since March 6.
Middle East developments were 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. Other bearish influences included an OPEC+ decision to keep production increases in July and weaker-than-expected US inflation data.
Brent falls after US-Iran agreement announcement
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 declined further. On Monday, June 15, prices traded below $85/bbl. The official signing of the agreement is expected on Friday, June 19 in Switzerland.
TTF natural gas trades lower into June 15
During the same period, TTF natural gas futures (ICE, Front Month) mostly traded above €48.50/MWh. Prices peaked at €49.99/MWh on June 10, while the weekly minimum was recorded on Friday, June 12 at €46.77/MWh after a 5.9% daily drop. AleaSoft Energy Forecasting reported that €46.77/MWh 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. As conflict expectations eased and negotiations between the United States and Iran progressed, TTF prices declined toward the end of the period. Following a preliminary agreement announcement, TTF futures fell further to below €44.60/MWh on June 15.
EEX December 2026 CO2 allowances remain range-bound
EEX CO2 emission allowance futures for December 2026 showed relatively stable trading through the week. The contract 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.
By June 12, EEX settled at €77.17/t, which AleaSoft Energy Forecasting said was 0.3% higher than the previous Friday. The weekly low-to-high movement remained contained within that range as trading ended for the period.