Monday 24th August

Power and gas close at new highs amidst prolonged US-Iran concerns.

Monday 24th August
  • Aug 24, 2026, 9:12:13 AM
  • 1 minute read

Power and gas close at new highs amidst prolonged US-Iran concerns.

 

Gas and power

Power and gas prices settled higher on Friday, recording another weekly gain and closing at fresh highs for the year, as markets apprehensively awaited details of the US sanctions on Iran following President Trump’s recent “Economic D Day” threats. The suggestion of severe economic sanctions further weakened hopes of reopening the Strait of Hormuz and intensified concerns over European gas storage, currently at 62% capacity. Meanwhile, cooler weather conditions across Europe saw French nuclear production availability partly restored, with further increases expected this week.

Adjacent markets

 Oil prices edged higher on Friday, closing at a monthly high as markets continued to assess the potential implications of the proposed “Economic D Day” measures on Middle Eastern energy supplies, while awaiting greater clarity on the scope and implementation of the sanctions. Equity markets in both the US and Europe came under pressure during the week, with the S&P 500 and STOXX 50 ending lower amid growing concerns that geopolitical tensions could contribute to renewed inflationary pressures. In contrast, UK equities posted weekly gains, supported by strength in the mining sector. 

Closing prices

 

NBP (p/therm)

  

UK Base (£/MWh)

  
 

Close

Day on Day

Close

Day on Day

Sep-26

163.03

1.7

128.90

1.49

Oct-26

163.92

1.92

129.17

1.24

Nov-26

167.02

1.98

139.50

1.22

Q4-26

166.58

1.91

135.68

1.38

Q1-27

162.43

1.65

134.33

1.44

Q2-27

109.70

1.06

92.73

0.95

Win-26

164.52

1.78

134.97

1.43

Sum-27

105.96

0.96

90.25

1.1

Win-27

103.31

0.45

91.22

0.78

Sum-28

73.31

-0.06

67.09

0.42

Win-28

80.13

0.86

75.28

0.81

 

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