Wednesday 30th September 2026

 Power and gas prices fall sharply on hopes of a deal to reopen the Strait of Hormuz.

Gas and power

Power and gas prices moved lower on Tuesday after President Trump suggested that the conflict with Iran could be resolved "very soon", improving sentiment across energy markets. On the fundamentals side, European gas storage remained more than 10 percentage points below last year's level at just under 72% full. Meanwhile, supply disruptions in Norway persisted, with further unplanned outages scheduled at the Troll field over the next two days. 

Adjacent markets

Oil prices closed lower on Tuesday as markets focused on recovery of crude oil exports from the Middle East, with Saudi Arabia resuming tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline. This improved the outlook for oil exports from the Middle East, which have rebounded to the highest levels since the conflict began. Meanwhile, President Trump denied reports that the US had offered to ease sanctions and release frozen funds in exchange for concessions regarding Iran’s nuclear programme, with the conflict remaining at a stalemate. 

Closing prices