Gas prices push higher amid growing concerns that there will be no near term resolution.
Gas and power
Gas prices settled higher on Thursday after the US boarded a container vessel carrying Iranian oil, a move that further reduced expectations of any near‑term diplomatic engagement between Washington and Tehran. President Donald Trump also warned that any vessels laying mines in the Strait of Hormuz would be destroyed, while US media reported that lawmakers were told in a closed‑door briefing that clearing mines from the Strait could take up to six months. These developments have heightened geopolitical risk at a time when the LNG market is already tightening. With no confirmed timeline for renewed US–Iran talks, market sentiment remains fragile and uncertainty elevated.
Adjacent markets
Oil prices pushed higher again on Thursday as the Strait of Hormuz remained closed to shipping, with footage emerging of Iranian military vessels approaching a large cargo ship, further intensifying regional tensions. The British pound traded broadly flat against the US dollar, while equities in both the UK and US moved marginally higher following PMI releases that pointed to continued expansion across both manufacturing and services sectors.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| May-26 | 110.48 | 1.91 | 88.95 | 0.06 |
| Jun-26 | 108.94 | 2.10 | 91.85 | 0.69 |
| Jul-26 | 107.49 | 1.85 | 90.98 | 1.10 |
| Q3-26 | 108.15 | 1.64 | 91.65 | 0.93 |
| Q4-26 | 111.13 | 1.62 | 94.21 | 0.26 |
| Q1-27 | 110.72 | 1.34 | 93.80 | 0.19 |
| Win-26 | 110.93 | 1.48 | 94.00 | 0.60 |
| Sum-27 | 85.01 | 0.19 | 73.69 | 0.53 |
| Win-27 | 86.19 | 0.36 | 78.09 | 0.72 |
| Sum-28 | 65.40 | 0.14 | 60.33 | 0.39 |
| Win-28 | 71.22 | -0.15 | 68.93 | 0.49 |