Thursday 12th November 2026

 Power and gas prices settle higher as optimism around US-Iran negotiations begins to wane.

Gas and power

Power and gas prices closed slightly higher yesterday, although intraday movement remained limited as markets continued to assess a complex geopolitical backdrop. Reports of further vessel incidents in the Strait of Hormuz and conflicting statements from Qatar and Iran reduced optimism around diplomatic progress, while Iran’s insistence that the Strait would not return to its prewar arrangement added to longer term supply concerns. This maintained the geopolitical risk premium despite continued diplomatic efforts and reported current preference to avoid further military escalation. 

Adjacent markets

Oil markets pushed higher throughout yesterday’s session as renewed uncertainty surrounding US-Iran negotiations supported prices. Iran stated that no enriched uranium would leave the country, while the US insisted that the nuclear issue must be included in any negotiations to end the conflict. The opposing positions dampened hopes of a near-term agreement and increased concerns that talks could remain deadlocked. Meanwhile, tech stocks supported global equity markets as strong results from cloud computing firm CoreWeave renewed optimism around AI demand, despite concerns over further Federal Reserve tightening. 

Closing prices