Brent oil futures on the ICE market moved lower during the fourth week of June, after a temporary start-of-week peak. The Front Month contract settled at a weekly high of $77.90/bbl on Monday, June 22, which was already 3.3% below the previous Friday. Prices then fell almost continuously to a weekly low of $71.99/bbl on Friday, June 26. That level marked an 11% week-on-week decline and the lowest since February 27, according to AleaSoft Energy Forecasting data.
The oil sell-off coincided with higher maritime traffic through the Strait of Hormuz. It also followed progress in diplomatic negotiations between the United States and Iran aimed at easing geopolitical tensions. With those factors in place, risk premiums in the crude oil market were reduced. Selling pressure persisted across the week.
TTF natural gas weakens amid higher shipping flows
In the gas market, TTF natural gas futures on the ICE Front Month contract showed moderate weakness over the same period. Prices peaked at €42.01/MWh on June 23 but stayed below €41/MWh for most of the week. The weekly low was recorded on June 25 at €40.41/MWh, the lowest level since April 21. By June 26, prices recovered slightly to €40.78/MWh, still 3.1% lower than the previous week.
Downward pressure in TTF was linked to increased shipping flows through the Strait of Hormuz. Even so, relatively low storage levels and firm European demand limited how far prices could fall. As a result, TTF remained consistently above the €40/MWh threshold throughout the week.
EEX carbon allowances hold near €77 for December 2026
CO2 emission allowance futures traded on EEX for the December 2026 contract followed a steadier pattern with some volatility. The weekly low was €76.17/t on June 23 before prices rebounded to a weekly high of €77.52/t on June 24. Toward the end of the week, prices eased slightly but stayed above €77/t. The contract closed at €77.17/t on June 26.
The June 26 close was 4.2% below the previous Friday’s level, indicating mild weekly weakness in the carbon market, AleaSoft reports.