Gas and power prices moved higher on Friday as the Iran conflict entered its third week with no diplomatic resolution in sight. The Strait of Hormuz remains closed, QatarEnergy LNG is in full shutdown, and milder weather across north-west Europe is providing only partial offset to a strongly bullish geopolitical picture.

Energy markets remain dominated by the Iran conflict, with Brent crude settling above $100/bbl for the first time since 2022 and UK gas seasonal contracts trading roughly 50 per cent above year-ago levels. The major counter-move came from carbon, where EU ETS allowances sold off sharply after EU leaders signalled urgent action on electricity prices and carbon price volatility.

UK wholesale energy prices pushed higher on Wednesday and into Thursday morning as escalating Strait of Hormuz supply disruptions continued to dominate sentiment, overshadowing a coordinated release of emergency oil reserves by 32 countries. Prompt gas strengthened further this morning, with day-ahead trading near 128.70 p/therm.

Energy markets swung violently over the past 24 hours as ceasefire optimism from President Trump collided with overnight military escalation in the Strait of Hormuz. Gas and power staged partial recoveries on Wednesday morning after Tuesday's dramatic sell-off, while carbon bucked the trend on fuel-switching dynamics.

Energy markets sold off sharply on Tuesday morning after President Trump signalled overnight that the Iran conflict could end "very soon," triggering a broad repricing of geopolitical risk across gas, power and oil. Despite the scale of losses, significant physical constraints remain in place - the Strait of Hormuz is still closed and Norwegian maintenance has intensified - leaving markets caught between softening rhetoric and hard supply realities.

Energy markets opened sharply higher on Monday as the Middle East conflict escalated over the weekend, with strikes on energy infrastructure across Saudi Arabia and Bahrain sending shockwaves through gas, power, and oil markets. The geopolitical risk premium now dominates the complex, with gains extending well along the forward curve.

Gas and power markets pulled back from multi-year highs as diplomatic signals around the Middle East and proposed naval escort plans for the Strait of Hormuz eased some of the geopolitical premium. The broader energy complex remains elevated, however, with crude oil up roughly 20% on the week and supply risks far from resolved.

Energy prices pulled back sharply on 4 March after unconfirmed reports of preliminary Iran-US peace contact briefly lifted sentiment, only for Iranian officials to rebut those claims and morning trading on 5 March to recover much of the lost ground. The QatarEnergy force majeure at Ras Laffan remains in force and the conflict enters its sixth day with no diplomatic resolution in sight.

Energy markets remained sharply elevated as the Middle East conflict entered its fifth day, though the extreme volatility seen earlier in the week showed signs of moderating as mild weather and comfortable UK fundamentals provided a partial counterweight to geopolitical risk.

European energy markets surged as the Middle East conflict escalated sharply over the weekend, with strikes across the Persian Gulf disrupting both LNG and oil supply routes. Gas and power prices posted their largest gains in months, while carbon remained notably disconnected from the wider rally.

Gas and power markets swung between weather-driven softness and geopolitical firmness this week, as US–Iran nuclear talks broke down without a deal and mild temperatures kept physical balances loose. Prompt prices rebounded sharply into Thursday; forward curves firmed modestly as traders weighed soft near-term fundamentals against rising medium-term risk.

Gas and power markets swung between weather-driven softness and geopolitical firmness this week, as US–Iran nuclear talks broke down without a deal and mild temperatures kept physical balances loose. Prompt prices rebounded sharply into Thursday; forward curves firmed modestly as traders weighed soft near-term fundamentals against rising medium-term risk.

European gas and power markets traded in a narrow range on Wednesday, with above-normal temperatures continuing to suppress heating demand across north-west Europe. Spot prices softened while forward contracts firmed modestly, reflecting a growing tension between relaxed near-term fundamentals and building geopolitical risk premia.

UK wholesale energy markets softened on Tuesday as mild weather and healthy LNG supply continued to erode winter risk premiums. Prompt gas settled around 75p/therm, with power and commodities drifting lower in sympathy.

Energy prices softened at the start of the week as mild weather, comfortable supply and a sharp sell-off in carbon dragged the prompt complex lower. Geopolitical risks from US–Iran tensions and fresh tariff announcements provided a latent bid but failed to shift fundamentals.

Gas and power prices eased at the start of the week as milder weather forecasts and a surge in wind generation offset lingering geopolitical risk from the US–Iran stand-off. Carbon rebounded after weeks of heavy selling, while oil held near recent levels amid a shifting trade policy backdrop following the US Supreme Court's intervention on tariffs.

Energy prices pulled back on Friday after Thursday's sharp geopolitical rally, with improving wind output and below-seasonal gas demand reasserting bearish fundamentals despite lingering US–Iran tensions in the Gulf.

Gas and power prices reversed sharply higher on Wednesday as US–Iran tensions escalated and Iran temporarily closed the Strait of Hormuz for naval exercises. The geopolitical risk premium now dominates an otherwise comfortable physical backdrop of mild weather and healthy wind generation.

Gas and power markets extended their decline on Tuesday, driven by a significant shift in weather models pointing to milder and windier conditions across Europe for the remainder of the month. Carbon bucked the trend with a modest recovery, while crude oil softened on easing geopolitical risk.

Gas and power markets fell sharply on Monday as a rapid US production recovery from Winter Storm Fern pulled global benchmarks lower, compounded by a decisive shift toward milder weather forecasts across Europe. Carbon markets added to the bearish tone, with EU and UK allowances extending recent losses.