Tuesday 11th August

 Power and gas prices rise sharply as Strait of Hormuz optimism fades 

Tuesday 11th August
  • Aug 11, 2026, 9:43:19 AM
  • 1 minute read

 Power and gas prices rise sharply as Strait of Hormuz optimism fades 

 

Gas and power

Power and gas prices rose yesterday as optimism over a near-term reopening of the Strait of Hormuz faded. Despite no major developments, prices strengthened significantly as markets grew less confident that a deal would be reached soon. Talks between Iran and Oman are reportedly in their final stages but remain dependent on the US meeting several conditions, including compensation and end to sanctions and military action. The US had yet to officially comment, but market consensus was largely that they were highly unlikely to agree.

Adjacent markets

 Oil prices moved higher yesterday, gaining around 3% during the session after Iran stated that its proposed agreement with Oman to reopen the Strait of Hormuz would be contingent on the US meeting several conditions, including the lifting of sanctions and the payment of reparations for damages, reducing market optimism around a swift reopening. Meanwhile, equity markets were mixed, with UK indices closing lower amid the geopolitical uncertainty, while European markets managed modest gains after the latest Sentix survey indicated an improvement in investor sentiment across the eurozone. 

 

NBP (p/therm)

  

UK Base (£/MWh)

  
 

Close

Day on Day

Close

Day on Day

Sep-26

149.823

13.850

121.805

6.240

Oct-26

150.188

13.900

119.555

7.490

Nov-26

153.375

13.220

130.255

6.860

Q4-26

152.722

13.430

125.605

6.610

Q1-27

146.046

12.060

121.940

6.280

Q2-27

99.243

5.130

86.470

3.310

Win-26

149.403

12.750

123.730

6.440

Sum-27

95.825

4.970

84.100

2.640

Win-27

94.239

4.900

85.440

2.110

Sum-28

69.779

2.650

65.360

1.090

Win-28

77.229

2.510

73.025

0.870

 

Closing prices

Closing price as of 10 Aug 2026

NBP (p/therm)

Sep-26

149.82

Q4-26

152.72

  
 

Q1-27

146.05

Win-26

149.40

Sum-27

95.83
 

UK Base (£/MWh)

Sep-26

121.81

Q4-26

125.60

  
 

Q1-27

121.94

Win-26

123.73

Sum-27

84.10

 

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