Daily market report Monday 13 April

Prices close at monthly lows ahead of peace talks between the US and Iran

Gas and power

Power and gas prices fell on Friday, closing at monthly lows as optimism around a potential agreement strengthened ahead of peace talks between the US and Iran scheduled for the weekend. Losses were limited by continued Israeli strikes in Lebanon, which heightened concerns over the security and durability of the ceasefire. Shipping through the Strait of Hormuz also remained largely stalled, with companies still seeking clarity on passage requirements. 

Adjacent markets

UK and European equities ended the week higher despite lingering concerns over the durability of the US–Iran ceasefire agreement, as reports indicated that Israeli attacks in Lebanon continued into Friday. Investors nevertheless remained cautiously optimistic ahead of US–Iran peace talks scheduled to take place in Pakistan over the weekend. Oil prices were mixed on Friday but ultimately posted steep weekly losses, falling by around 12% following the ceasefire announcement.