Wednesday 2nd September 2026

Prices across the curve reached new highs following escalating tensions between the US and Iran.
Wednesday 2nd September 2026
  • Sep 2, 2026, 9:48:46 AM
  • 1 minute read

Prices across the curve reached new highs following escalating tensions between the US and Iran.

 

Gas and power

Markets moved to new highs across the curve on Tuesday following the US and Iranian military strikes over the Bank Holiday weekend. The US launched strikes against two Iranian rocket launchers on Larak Island in the Strait of Hormuz after claiming it had observed Iran preparing to launch rockets and deploy sea mines, marking the first US strikes on Iran since late July. Iran responded by striking US military bases in Jordan with ballistic missiles. Additionally, a slight reduction in feedgas to Freeport LNG’s export plant has been attributed to the approaching Tropical Storm Edouard, which is expected to make landfall near the Texas-Louisiana coast.

Adjacent markets

 Oil prices pushed higher during yesterday’s session as tensions between the US and Iran escalated. Following Iran's retaliatory bombing, Trump vowed to respond, stating that the US would "hit them hard". Iran subsequently warned that any further attacks would trigger a "much heavier response", keeping markets on edge ahead of the next development. Notably, Iran also indicated it would reciprocate if the US committed to the previously agreed MoU, although markets paid little attention to this. Elsewhere, European shares fell as rising bond yields and higher oil prices fuelled concerns that inflation could remain elevated, keeping interest rates higher for longer. 

Closing prices

 

NBP (p/therm)

  

UK Base (£/MWh)

  
 

Close

Day on Day

Close

Day on Day

Oct-26

178.26

13.85

138.61

8.92

Nov-26

181.39

13.85

147.86

8.62

Q4-26

180.91

13.91

144.59

9.04

Q1-27

176.36

13.25

143.85

8.89

Q2-27

121.27

8.35

100.22

5.42

Win-26

178.65

13.58

144.32

9.03

Sum-27

117.09

8.18

97.25

5.07

Win-27

113.45

7.33

97.97

4.89

Sum-28

77.23

3.25

69.59

2

Win-28

84.52

3.33

78.87

3.04

 

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