Friday 28th August

Prices climb back to recent highs as the White House rejects diplomatic efforts
Friday 28th August
  • Aug 28, 2026, 10:15:26 AM
  • 1 minute read

Prices climb back to recent highs as the White House rejects diplomatic efforts

 

Gas and power

Prices climbed higher on Thursday to trade around recent highs. After starting the day lower, reports from the White House that the US was not involved in any diplomatic efforts renewed concerns about how long it may take to re-open the Strait of Hormuz, supporting prices across the curve. Market hopes that the recently announced US sanctions would allow some room for diplomacy were disappointed by the announcement.

Adjacent markets

 Oil prices rose yesterday, ending the recent losing streak as optimism around reopening the Strait of Hormuz was dented by comments from US Press Secretary Karoline Leavitt, who stated that the US was not currently negotiating with Iran. The lack of diplomatic progress also weighed on investor sentiment, with UK and European equity markets closing lower, while recent higher US inflation figures added to concerns over potential interest rate hikes. 

Closing prices

 

NBP (p/therm)

  

UK Base (£/MWh)

  
 

Close

Day on Day

Close

Day on Day

Sep-26

166.82

4.97

133.30

3.42

Oct-26

168.27

5.15

131.95

2.68

Nov-26

171.45

4.64

142.77

2.01

Q4-26

170.95

4.71

138.70

2.55

Q1-27

167.13

4.25

137.57

1.72

Q2-27

113.16

2.91

95.05

2.67

Win-26

169.06

4.49

138.08

2.02

Sum-27

109.33

2.84

92.25

1.19

Win-27

105.75

2.27

92.35

0.85

Sum-28

73.70

0.59

67.38

0.14

Win-28

81.07

0.97

75.82

0.53

 

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