Thursday 10th September 2026

Prices rise higher as geopolitical tensions continue to escalate

Power and gas markets extended their gains yesterday, with some gas contracts briefly trading above 200p/th. Prices continued to find support from escalating geopolitical tensions, particularly between the US and Iran, as further attacks on oil tankers continued to fuel concerns over continued disruptions to LNG supplies. Additional bullish sentiment came from reports that Russia's Yamal gas plant was targeted, raising concerns over further disruptions to global supply. As geopolitical tensions persist, prices remain sensitive to developments that reinforce expectations of a prolonged conflict and further supply disruptions.

Oil prices breached $100 a barrel for the first time since late July as escalating tensions in the Middle East fuelled concerns over global energy supplies. Iran and the US targeted tankers in the largest wave of shipping attacks since the conflict began. Iran claimed it attacked 10 vessels near the Strait of Hormuz, while the US reportedly destroyed five Iranian oil tankers, marking a significant escalation. An Iraqi tanker carrying more than two million barrels of fuel oil was also struck. UK equity markets fell amid concerns that rising oil prices could drive inflation higher and weigh on interest rates.

NBP (p/therm)

UK Base (£/MWh)

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Day on Day

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Day on Day

Oct-26

197.87

8.72

152.33

5.6

Nov-26

200.33

8.45

162.64

4.91

Dec-26

201.70

8.33

161.77

5.47

Q4-26

199.96

8.5

158.60

5.26

Q1-27

196.64

8.53

159.20

6.23

Q2-27

136.80

5.38

108.68

2.69

Win-26

198.32

8.52

158.86

5.7

Sum-27

130.99

4.19

105.06

2.16

Win-27

125.17

3.24

105.56

2.08

Sum-28

79.78

0.8

70.74

0.12

Win-28

86.89

0.48

79.75

0.05