Daily Market report - Tuesday 17th March 2026

Price movements are mixed as conflict in the Middle East continues

Gas and power

 Power and gas price movements were mixed on Monday, with front-season contracts closing slightly higher than Friday’s settlement. Shipping through the Strait of Hormuz remained at a standstill, despite US calls over the weekend for allied nations to support naval escorts. Hopes for a near term resolution to the conflict were further dampened by reports that Israel is prepared for at least another three weeks of airstrikes, weighing on broader market sentiment. 

Adjacent markets

 Equities closed higher yesterday, supported by optimism over a potential resumption of Middle Eastern oil exports. Sentiment improved as operations at the UAE’s port of Fujairah resumed following recent drone attacks, and reports indicated that several vessels had successfully passed through the Strait of Hormuz. President Trump also made calls for allies to help support security efforts to ensure the safe transit of ships through the strait. Oil prices eased slightly as a result, helped also by comments from the IEA suggesting they may consider releasing additional emergency reserves.