Prices close lower on optimism for a peace deal in the Middle East.
Gas and power
Prices closed lower on Tuesday as shipping activity through the Strait of Hormuz remained largely unaffected, with the US blockade of Iranian ports entering its second day. Reports that both the US and Iran were open to restarting negotiations—potentially in Islamabad or Istanbul—raised hopes of a diplomatic resolution, putting downward pressure on prices.
Adjacent markets
Global stock markets rallied on Tuesday, with traders looking towards an end to the US-Iran conflict. US stocks were helped higher by a surprise drop in producer price inflation. Oil prices fell despite the ongoing naval blockades of the Strait of Hormuz, on expectations of further ceasefire talks later this week and news that some tankers had successfully entered the Persian Gulf.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| May-26 | 108.21 | -8.50 | 87.26 | -4.43 |
| Jun-26 | 106.12 | -8.20 | 90.89 | -3.14 |
| Jul-26 | 104.42 | -8.23 | 89.57 | -4.50 |
| Q3-26 | 104.89 | -8.03 | 89.37 | -4.45 |
| Q4-26 | 107.78 | -7.59 | 91.33 | -2.64 |
| Q1-27 | 106.58 | -7.85 | 90.76 | -3.59 |
| Win-26 | 107.19 | -7.72 | 90.99 | -3.04 |
| Sum-27 | 80.90 | -4.17 | 70.86 | -1.51 |
| Win-27 | 81.12 | -3.23 | 75.00 | -1.72 |
| Sum-28 | 62.04 | -1.40 | 62.27 | -1.36 |
| Win-28 | 69.15 | -1.57 | 71.32 | -0.65 |