Tuesday 13th October 2026

 Power and gas prices close higher amid lack of progress in US-Iran negotiations. 

Gas and power

Power and gas prices closed higher on Monday as US and Iran negotiations remained at a stalemate, with Iran’s security chief Mohsen Rezaei describing the US response to its seven-point proposal as inadequate and claiming that several points remained unclear or unaddressed. Meanwhile, recent vessel attacks in the Strait of Hormuz have contributed to a decline in Qatari LNG shipments, while unexpected outages at Gullfaks and Kårstø restricted Norwegian supply during the session. On a more positive note, Egypt reduced its planned LNG purchases for October by around 40%, helping to ease near term competition for cargoes. 

Adjacent markets

Oil prices continued to rise yesterday, finding support from ongoing tensions in the Middle East. Markets remained focused on the lack of progress in US-Iran negotiations, continued attacks on tankers, and elevated tensions involving Houthi rebels and Saudi Arabia. Elsewhere, global equity markets were largely unchanged despite the rise in oil, remaining focused on major bank earnings and key inflation data that could help shape the Federal Reserve’s policy outlook.  

Closing prices