Euro Markets: EU carbon makes late surge in thin liquidity as expected 1.5% emissions drop in 2025 seen as no surprise

European carbon prices rose steadily on Thursday in a thinly-traded market, even as the carbon market showed little reaction to initial reports that emissions covered by the EU ETS had fallen by around 1.5% in 2025, while energy markets rose amid signs that the Strait of Hormuz remained largely closed to traffic, before plunging late in the session as Israel said it would open talks with Lebanon.