Energy markets opened firmer this morning after a weekend escalation in the Middle East reversed last week's losses, with reports of fresh US and Iranian strikes restoring risk premium across gas, power and oil.

Energy markets firmed across the board on Thursday before the tone softened, as a tentative US-Iran ceasefire framework and the prospect of the Strait of Hormuz reopening began to unwind the geopolitical risk premium that had built up through the week.

UK and European energy markets were dominated by Middle East geopolitics, with a volatile Wednesday session closing lower across gas, power and crude before reversing higher this morning on news of an Iranian strike on a US airbase.

European wholesale energy markets traded with a mixed tone on Tuesday, with prompt gas softer on improved fundamentals while the wider complex firmed on renewed Middle East tensions following US strikes on Iranian military targets.

Wholesale gas and power prices fell sharply into the long weekend as record May heat and strong renewable generation cut demand against a well-supplied market.

Energy markets softened on Thursday and into Friday morning as warmer forecasts across Europe pointed to lower heating demand and stronger storage injection.

Energy markets fell broadly yesterday as growing optimism over US-Iran negotiations eased the geopolitical risk premium that had supported prices in recent weeks.

A Middle East de-escalation and a marked shift to milder weather reshaped wholesale energy markets after Tuesday's close, unwinding much of the supply and geopolitical premium that had supported prices earlier in the week.

Energy markets endured a volatile start to the week as a fast-moving Middle East picture drove prices sharply higher and then lower, before settling into a more measured tone.

European energy markets opened the week firmly higher, with gas, power and crude all pushed up by an Iranian drone strike on a nuclear facility in the UAE and renewed US pressure on Tehran to reach a deal.

Gas and power markets opened firmer on Friday with NBP and continental hubs pushing higher on a combination of Norwegian supply softness, US LNG feedgas constraints and renewed Asian buying for flexible cargoes.

Wholesale energy markets held within a narrow range through Wednesday's session as traders awaited the outcome of the Trump-Xi summit in Beijing, with gas, power and carbon all showing limited movement.

UK and European energy markets traded firmer on Tuesday, with cooler temperatures, weaker wind generation and an unresolved US-Iran conflict combining to lift gas, power and oil.

A cooler weather profile, fresh Norwegian supply disruption and a hardening US-Iran standoff drove a coordinated rally across European gas, power and crude on Monday.

European energy markets opened the week with a firmer tone as geopolitical risk in the Middle East and a cooler near-term weather signal across north-west Europe combined to support prompt and curve pricing across gas, power, and crude.

European energy markets opened higher on Friday after Thursday's broad-based decline, as overnight reports of US-Iran naval clashes in the Strait of Hormuz and renewed attacks on UAE infrastructure brought a geopolitical risk premium back into front-end pricing.

European energy markets fell sharply on Wednesday as improving US-Iran peace prospects triggered a broad unwinding of geopolitical risk premium across gas, power and crude oil.

European gas and power markets opened materially lower on Wednesday following confirmation from Washington that the offensive phase of the Iran conflict is over and that Operation Freedom, the US naval escort programme through the Strait of Hormuz, has been paused.

European energy markets opened the week sharply higher as a weekend escalation around the Strait of Hormuz reasserted Middle East risk premia across the complex.

European energy markets retreated on Thursday as oil eased and traders trimmed the geopolitical risk premium built earlier in the week, with all major gas and power hubs settling lower day-on-day.