Mar 16, 2026
Daily (16.03.2026): Geopolitical risk kept Brent crude over $100 per barrel on Friday
Oil markets advanced on Friday, with Brent staying above $100 per barrel as the closure of the Strait of Hormuz in the Iran war stoked fears of severe supply disruptions and an inflationary shock. Market relief measures, including the IEA’s record reserve release and US plans to permit some Russian crude purchases, failed to calm sentiment. Hence, Brent crude rose by 2.7% to $103.14 per barrel, while WTI crude soared by over 3% to $98.71 per barrel.
The British spot gas price inched up by 0.2% to 126 p/therm on Friday, underpinned by tensions in the Middle East, though rising Norwegian flows and the expected end of the heating season helped limit further gains.
On the forward curve, the Summer 2026 delivery contract fell by 1% to 122.47 p/therm as traders factored in US and French efforts to ensure LNG transport through the Gulf.
European spot electricity prices climbed on Friday. The German day-ahead power price hiked to 120.73 EUR/MWh, supported by lower wind output and higher demand. Meanwhile, the French equivalent contract jumped to 109.49 EUR/MWh, after EDF delayed the restart of its 915 MW Tricastin 1 unit to 30 April and took the 1,620 MW Flamanville reactor offline for 24 hours.
Forward contracts remained neutral to bearish, reflecting weakness in gas markets. The German 2027 delivery contract traded at 91.69 EUR/MWh, and the French equivalent contract declined by 1.2% to 55.90 EUR/MWh.
After Germany signalled opposition to suspending the EU ETS, European carbon markets edged higher on Friday. However, gains were limited as markets speculated ahead of next week’s leaders’ summit on short-term measures to ease EUA costs for industry. Consequently, the EUAs expiring in Dec-2026 gained 0.6% to 69.16 EUR/tonne.
The British spot gas price inched up by 0.2% to 126 p/therm on Friday, underpinned by tensions in the Middle East, though rising Norwegian flows and the expected end of the heating season helped limit further gains.
On the forward curve, the Summer 2026 delivery contract fell by 1% to 122.47 p/therm as traders factored in US and French efforts to ensure LNG transport through the Gulf.
European spot electricity prices climbed on Friday. The German day-ahead power price hiked to 120.73 EUR/MWh, supported by lower wind output and higher demand. Meanwhile, the French equivalent contract jumped to 109.49 EUR/MWh, after EDF delayed the restart of its 915 MW Tricastin 1 unit to 30 April and took the 1,620 MW Flamanville reactor offline for 24 hours.
Forward contracts remained neutral to bearish, reflecting weakness in gas markets. The German 2027 delivery contract traded at 91.69 EUR/MWh, and the French equivalent contract declined by 1.2% to 55.90 EUR/MWh.
After Germany signalled opposition to suspending the EU ETS, European carbon markets edged higher on Friday. However, gains were limited as markets speculated ahead of next week’s leaders’ summit on short-term measures to ease EUA costs for industry. Consequently, the EUAs expiring in Dec-2026 gained 0.6% to 69.16 EUR/tonne.