Tuesday 10th November 2026

 Power and gas prices close lower as US-Iran optimism outweighs concerns.

Gas and power

Power and gas prices closed lower yesterday, trading down throughout the session despite a flurry of conflicting geopolitical developments. Attacks on vessels in the Strait of Hormuz and the expansion of the US blockade kept supply risks elevated, however, the absence of a major escalation and continued diplomatic engagement involving Qatar and China appeared to outweigh immediate concerns. This maintained downward pressure on prices, despite the wider geopolitical backdrop remaining tense. 

Adjacent markets

Oil prices fell yesterday, continuing to trade lower on increased hopes of a US-Iran deal. Markets welcomed continued diplomatic efforts, with President Trump speaking with the Qatari Prime Minister, adding to optimism an agreement could be reached. This followed weekend remarks suggesting strikes remain unlikely while talks progress. Elsewhere, global equities continued their recovery. However, Nvidia struggled, falling as much as 8% amid controversy surrounding CEO Jensen Huang, before ending the session 4% lower. 

Closing prices