Tuesday 27th October 2026

 Prices close at four year highs, supported by geopolitical tensions and cooler weather forecasts.

Gas and power

Power and gas prices closed higher, supported by below seasonal normal weather forecasts and growing scepticism over any near-term reopening of the Strait of Hormuz. While President Trump ruled out imminent action against Iran, geopolitical tensions remained elevated, with reports that senior officials from Pakistan, Saudi Arabia and Turkiye are meeting to discuss the risk of renewed US and Isareli strikes. Confidence in a de-escalation continued to fade as October records the highest number of attacks on commercial shipping in and around the Strait, increasing concerns over LNG supply disruption. Additionally, a number of Norwegian outages provided further support to prices. 

Adjacent markets

Oil prices edged lower on Monday but remained close to six-month highs as diplomatic talks in Tehran eased some concerns over wider Middle Eastern supply disruption. Equity markets moved higher ahead of this week’s central bank decisions, with technology and semiconductor stocks leading gains. Positive sentiment around the AI sector was reinforced by Anthropic making its IPO filing public ahead of a planned Nasdaq listing in November. 

Closing prices