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. Prices later recovered to a weekly high of $106.60/bbl on Thursday, September 24. By Friday, September 25, Brent settled at $104.32/bbl, up 0.4% versus the previous Friday.
Middle East developments drive weekly oil moves
Early in the week, a US President’s offer to meet Iran’s president during the United Nations General Assembly weighed on oil prices. Iran’s refusal to accept US demands pushed prices higher on September 23. On September 24, Yemen’s Houthis launched missiles toward Saudi Arabia, while a senior Iranian military official warned Iran could extend the conflict to the Indian Ocean if another country attacked it.
These events lifted Brent to its weekly peak. On Friday, September 25, Iran’s proposal for an interim agreement that would include reopening the Strait of Hormuz within seven days contributed to a decline in prices.
TTF gas futures track expectations around Strait of Hormuz
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. The contract 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, prices rose by 4.3% to reach a weekly high of €75.11/MWh. By Friday, September 25, TTF settled at €72.07/MWh, down 9.4% from the previous Friday.
EEX carbon allowance prices remain above €86/t
Futures for EEX CO2 emission allowances under the December 2026 reference contract stayed above €86/t throughout the fourth week of September. The weekly low settlement was €86.03/t on September 23 and the weekly high reached €86.97/t on Thursday, September 24.
On Friday, September 25, the contract settled at €86.79/t, only 0.1% below the previous Friday, AleaSoft reports.
The European gas market also reflected expectations tied to talks between the United States and Iran regarding a gradual reopening of the Strait of Hormuz and an increase in vessels using alternative routes. Even so, European Union gas storage facilities were around 70% full and remained below the seasonal five-year average.