Prices close higher as the US blockade on Iranian ports comes into effect.
Gas and power
Power and gas prices closed higher on Monday following the implementation of a US blockade on imports and exports from Iranian ports. Despite President Trump warning that any Iranian vessels attempting to challenge the blockade would be “immediately eliminated,” prices eased into the close as another day passed without further damage to regional energy infrastructure. Norwegian gas maintenance also proceeded as planned, with no significant revisions reported.
Adjacent markets
Oil markets gained on Monday as President Trump imposed a further blockade on the Strait of Hormuz, preventing goods being imported to or exported from Iran. Iran threatened to retaliate against Persian Gulf ports. Equity markets were mostly lower, with the benchmark FTSE 100 trading lower on uncertainty about how long the conflict will last and the impact on inflation.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| May-26 | 116.71 | 6.54 | 91.69 | 4.18 |
| Jun-26 | 114.32 | 5.92 | 94.04 | 3.03 |
| Jul-26 | 112.65 | 5.66 | 94.06 | 3.73 |
| Q3-26 | 112.93 | 5.42 | 93.82 | 3.69 |
| Q4-26 | 115.38 | 4.55 | 93.97 | 2.77 |
| Q1-27 | 114.43 | 4.45 | 94.35 | 2.89 |
| Win-26 | 114.91 | 4.50 | 94.04 | 2.83 |
| Sum-27 | 85.07 | 2.48 | 72.37 | 1.70 |
| Win-27 | 84.34 | 2.18 | 76.72 | 1.14 |
| Sum-28 | 63.45 | 1.47 | 63.63 | 1.59 |
| Win-28 | 70.72 | 0.57 | 71.97 | 1.54 |