Crude prices climbed on Monday as geopolitical risks in the Middle East increased. Iran reported hitting a U.S. vessel, while the UAE confirmed intercepting Iranian attacks that triggered a fire at the Fujairah energy hub. Hence, Brent crude soared by nearly 6% to $114.44 per barrel, and WTI crude advanced by 4.4% to $106.42 per barrel.
British gas prices held unchanged on Monday amid muted trading during the UK bank holiday. Weak storage levels, particularly in Germany, and a flat forward curve limited incentives to refill inventories. EU inventories stood at 33.4%, below last year’s 40.3%.
The NBP spot contract was last seen at 111.90 p/therm, while the Winter 2026 delivery contract remained at 115.39 p/therm.
European spot electricity prices extended gains on Monday. The German day-ahead power price jumped to 128.73 EUR/MWh, supported by lower solar output and forecasts of falling temperatures. Meanwhile, the French equivalent contract climbed to 92.06 EUR/MWh after EDF extended an outage at the 890 MW Dampierre 2 nuclear reactor.
Forward contracts also strengthened, with the German 2027 delivery contract increasing to 92.84 EUR/MWh and the French equivalent contract rising to 54.94 EUR/MWh.
European carbon markets dipped on Monday amid cautious trading linked to Middle East tensions. However, planned ETS benchmark adjustments ahead of July allocations could support prices if delayed. The EUAs expiring in Dec-2026 fell by 1.2% to 73.04 EUR/tonne.
May 5, 2026