Thursday 5th November 2026

Power and gas fall amid growing US-Iran diplomatic optimism.

Gas and power

Power and gas markets closed lower yesterday as bearish momentum continued throughout the session, fueled by growing optimism over potential progress between the US and Iran. While there were few new developments, ongoing diplomatic talks through Qatari mediators continued to support hopes of de-escalation. Additionally, comments from President Trump, stating that he had no immediate plans for further strikes on Iran, helped ease near-term geopolitical concerns and maintain downward pressure on prices.

Adjacent markets

Oil prices fell more than 8% yesterday, settling at their lowest level in over two months after the Republicans lost control of Congress in the midterm elections. Investors interpreted the result as increasing the likelihood of diplomatic efforts to end the US-Iran conflict, with President Trump acknowledging the war contributed to his party’s defeat. Gulf exports, excluding LNG, declined from September levels in October but remain around three-quarters of pre-war volumes despite continued attacks on shipping. US equities rallied on reduced political uncertainty, although data centre stocks weakened amid concerns over tighter AI regulation. 

Closing prices