Tuesday 29th September 2026

 Prices settle within Friday’s range as optimism for a near-term reopening of the Strait of Hormuz continues to fade.

Gas and power

 Power and gas prices moved lower throughout yesterday’s session, ultimately settling within Friday’s trading range. While reports that President Trump expected US–Iran discussions to continue this week created some optimism, the rejection of Iran’s latest proposal to reopen the Strait of Hormuz weighed on market sentiment. This renewed concerns that supply disruptions could persist for longer than previously anticipated. 

Adjacent markets

 Oil prices have closed higher after President Trump rejected a proposed peace deal with Iran that would have reopened the Strait of Hormuz, dampening optimism of the Strait opening in the near term and keeping the conflict at a stalemate. Iran officials reiterated they are open to diplomacy while warning they are ready to confront any new US attacks, even if it means “apocalyptic war”. However, President Trump indicated further talks with Iran are expected this week, with Qatari mediators reportedly engaging both parties. Elsewhere, China and the US have agreed to cut tariffs on $60 million of goods, including agriculture and household items.  

Closing prices