Friday 6th November 2026

 Power and gas prices rise amid continued geopolitical uncertainty.

Gas and power

Power and gas markets remained volatile throughout yesterday’s session, with prices pushing higher as the lack of fresh developments in the Middle East kept uncertainty elevated. With no clear change in the situation between the US and Iran, the market continued to weigh the risk of further escalation against the possibility of diplomatic progress, keeping geopolitical risk firmly priced into both power and gas markets. 

Adjacent markets

Oil edged higher yesterday as fresh attacks on tankers renewed concerns about oil supplies, while investors remained cautious regarding developments in the US-Iran war. At least five vessels have reported incidents since Sunday, with attacks continuing at a near record pace. Meanwhile, US stocks fell, led by steep losses in chip and data centre-related stocks following the Democrats’ win of Congress. The Bank of England also raised interest rates for the first time since 2023 and warned that at least one more increase is likely if the US-Iran conflict continues. 

Closing prices