Friday 30th October 2026

 Prices soften on hopes of diplomacy between the US and Iran.

Gas and power

Prices softened yesterday on renewed hopes of diplomacy between the US and Iran, despite ongoing disruption to shipping through the Strait of Hormuz. Iran’s Foreign Minister stated that Iran will continue to give diplomacy a chance, while reports suggested Vice President Vance had written a letter to Iranian officials in an attempt to restart peace negotiations. However, President Trump later indicated communications focused on assisting Iran with medical supplies. Meanwhile, long-term weather forecast were revised higher, moving back in line with seasonal normal from mid-November. 

Adjacent markets

Oil prices fell on Thursday as continued diplomatic talks between the US and Iran, facilitated by regional mediators, raised optimism over progress towards a peace deal ahead of next week’s US mid-term elections. The US dollar index weakened despite stronger-than-expected Q3 GDP data, while disappointing technology earnings also weighed on US equities. 

Closing prices