Tuesday 08 September 2026

Power and gas markets close higher as US-Iran tensions remain elevated

Gas and Power

Yesterday, power and gas contracts remained elevated along with tensions in the Middle East. Iran continued to threaten the US, warning they could target US oil and gas interests in response to US warnings over continued action against Iranian tankers. In addition, the market continued to await further details on Iran's plans to establish a restricted zone near the Strait of Hormuz, as well as a potential new shipping route in partnership with Oman, leaving geopolitical developments firmly in focus.

Adjacent Markets

Oil prices rose to six-week highs on Monday amid heightened geopolitical tensions in the Middle East, with tit-for-tat attacks on shipping over the weekend continuing to raise concerns over regional oil flows. Reports that the UAE is exploring alternative routes for its energy exports on Monday highlighted efforts to mitigate disruptions created by the ongoing conflict. In carbon markets, prices reached new six-week highs, with Germany opposed to weakening the Market Stability Reserve (MSR), reinforcing expectations of tighter future carbon supply.

NBP (p/therm)

UK Base (£/MWh)

Close

Day on Day

Close

Day on Day

Oct-26

182.18

3.31

142.34

2.41

Nov-26

184.98

3.12

152.32

2.49

Dec-26

186.46

3.13

150.00

1.41

Q4-26

184.53

3.19

148.07

2.1

Q1-27

181.49

3.5

147.31

1.48

Q2-27

127.53

3.35

103.57

1.34

Win-26

183.02

3.34

147.66

1.86

Sum-27

123.15

3.27

100.30

1.32

Win-27

118.75

2.2

101.21

1.29

Sum-28

79.89

1.43

70.06

-0.06

Win-28

86.47

1.05

78.82

0.19