Wednesday 09 September 2026

Power and gas contracts push to new highs amid ongoing US-Iran tensions

Yesterday’s session saw both power and gas contracts extend their gains and reach new highs. Market sentiment continued to be driven by geopolitical tensions, as Iran reiterated that it would maintain its resistance with strength until its “aggressors” become regretful. Additionally, the US announced fresh sanctions on Iran to place further economic strain on the country. Elsewhere, Qatar confirmed it is working with regional and international partners to encourage renewed dialogue between Iran and the US. However, these diplomatic efforts failed to influence price direction, with markets continuing to price continued supply disruption.

Oil prices hit multi-week highs after the Iran-backed Houthi attacks on Saudi Arabian energy facilities and cities marked a significant escalation. Reports of further military action in Yemen also raised concerns of a broader regional conflict, while Iran threatened the US with “economic warfare” and the US announced additional sanctions on Iran. Meanwhile, major US equities moved lower as rising oil prices fuelled inflation concerns ahead of the ECB rate decision on Thursday and US inflation data due on Friday.

NBP (p/therm)

UK Base (£/MWh)

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Day on Day

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Day on Day

Oct-26

189.15

6.97

146.72

4.38

Nov-26

191.88

6.9

157.73

5.41

Dec-26

193.37

6.91

156.29

6.29

Q4-26

191.46

6.93

153.34

5.27

Q1-27

188.12

6.63

152.97

5.66

Q2-27

131.42

3.89

105.98

2.41

Win-26

189.80

6.78

153.16

5.5

Sum-27

126.79

3.65

102.91

2.61

Win-27

121.93

3.18

103.48

2.27

Sum-28

78.98

-0.9

70.63

0.56

Win-28

86.41

-0.06

79.70

0.88