Monday 12th October 2026

 Markets close higher as Middle East tensions persist.

Gas and power

After a volatile session, power and gas markets closed higher on Friday. Markets initially opened lower after President Trump stated that talks with Iran were productive, improving sentiment and raising optimism that a deal could be reached. However, market direction shifted later in the day following reports that a vessel had been struck by an unknown projectile off the coast of the UAE. This prompted prices to recover earlier losses and end the day above the previous day's close, with geopolitical risk concerns providing support ahead of the weekend. 

Adjacent markets

Oil prices rose 4% last week as a growing number of attacks on vessels transiting the Strait of Hormuz reduced traffic through the waterway to a two-month low. US equities ended the week just below record highs as traders shifted focus to this week’s economic releases, including US inflation and consumer spending data, as well as a speech by the Federal Reserve chair that could provide signals on the future direction of monetary policy. 

Closing prices