Friday 13th November 2026

 Geopolitical tensions between US-Iran push prices higher.

Gas and power

Power and gas prices closed higher across the board yesterday, with geopolitical tensions remaining the primary driver of market sentiment. Hopes of a US-Iran diplomatic breakthrough weakened after Trump said Washington no longer needed a deal with Tehran, while he also redirected JD Vance towards domestic matters despite reports of Vance lining up potential direct talks with Iranian officials. Continued attacks on shipping in the Strait of Hormuz further heightened supply concerns. Meanwhile, a cooler weather outlook for next week added to existing storage concerns and provided further support to prices. Separately, US-Russia talks in Moscow offered some hope of progress on Ukraine, though any impact on prices is expected to be highly limited under the current context. 

Adjacent markets

Oil markets pushed higher yesterday as comments from President Trump dashed hopes of a near-term agreement between the US and Iran. Trump stated that the US did “not need a deal with Iran” and claimed it had control of the Strait of Hormuz. In the absence of an agreement, expectations grew that disruption to shipping through the Strait would persist, supporting prices. Elsewhere, global equity markets continued to recover, although Nvidia fell a further 4% as their CEO resigned amid ongoing controversy. 

Closing prices