Monday 26th October 2026

 Prices push higher on concerns over a significant escalation in the war between the US and Iran.

Gas and power

Prices ended the week at a new high on Friday as escalating tensions in the Middle East continued to add risk premium to the market. Further attacks on vessels transiting the Strait increased concerns over shipping safety and weighed on expectations of a near-term return of Qatari LNG supply. Sentiment was further supported by Iran’s warning of potential escalation against US bases in the region. 

Adjacent markets

Oil prices traded higher on Friday, marking a third consecutive weekly gain as prices climbed to nearly six month highs amid recent Houthi attacks in Saudi Arabia and concerns over further supply disruption. Reports of an oil spill during the session from a tanker off the coast of the UAE, with the cause unknown, added to the overall bullish sentiment. Meanwhile, UK and European equity markets closed lower amid a sell off in technology related stocks as fears of an AI bubble grew, while weak retail sales and consumer confidence figures placed further pressure on UK investor sentiment. 

Closing prices