Middle East supply risk continued to shape energy markets this week, with disruption to shipping through the Strait of Hormuz and reported delays to Qatari LNG production keeping a risk premium under gas and oil.

Wholesale energy prices firmed further into Thursday as a renewed round of US strikes on Iran and the continued threat to shipping through the Strait of Hormuz kept a heavy risk premium across gas, power and the wider commodity complex.

A serious escalation around the Strait of Hormuz drove a broad risk premium through European energy on Tuesday, lifting gas, power and crude as the market weighed the threat to Gulf shipping.

Wholesale gas and power reversed sharply higher in early trade on Tuesday after reports of an overnight attack on commercial shipping in the Strait of Hormuz revived geopolitical risk, compounding an already tightening summer picture of building heat and falling wind.

Wholesale energy markets ended last week firmly higher as stalled diplomacy between the US and Iran rebuilt a geopolitical risk premium around the Strait of Hormuz, while a fresh European heatwave lifted demand across the complex.

British and European energy markets ended Thursday firmer across the near curve, with gas, power and coal all gaining while carbon was mixed and oil steadied after a sharp weekly fall.

Wholesale energy markets fell broadly on Wednesday as surging wind forecasts and easing tensions between the US and Iran stripped risk premium out of gas, power, carbon and oil.

Renewed geopolitical risk drove wholesale gas and power higher on Tuesday and again into this morning, as a faltering US-Iran diplomatic process and thinner shipping through the Strait of Hormuz restored a risk premium across the curve.

UK and European wholesale energy markets firmed sharply into Monday's close, led by gas and power on a combination of depleted storage, a renewed geopolitical risk premium and a heat-driven demand spike.

Energy markets were dominated last week by geopolitical risk around the Strait of Hormuz, where an escalation between the US and Iran briefly inflated a risk premium before both sides agreed over the weekend to halt hostilities and resume talks.

Wholesale gas and power eased through Thursday's session as the geopolitical risk premium tied to the Middle East continued to fade and forecasts pointed to cooler, windier conditions from the weekend.

Energy markets fell across the board in Wednesday's session as the geopolitical risk premium attached to the Middle East continued to unwind, dragging gas, power and crude lower while carbon firmed against the trend.

Wholesale energy markets opened on the back foot on Wednesday as easing Middle East tensions continued to strip risk premium out of gas and oil, with strong supply and warm weather adding to the bearish tone.

Easing Middle East tensions dominated trade, with a US-Iran framework and the reopening of the Strait of Hormuz unwinding the risk premium that had supported gas and crude.

UK and European energy markets opened the week firmer at the prompt even as the geopolitical risk premium began to unwind, with reported progress in US and Iran talks weighing on crude while gas and power drew support from warm weather and tight near-term fundamentals.

Energy markets opened higher this morning as the postponement of US-Iran talks in Switzerland, following renewed strikes between Israel and Hezbollah in Lebanon, pushed geopolitical risk premium back into oil and gas after a week of heavy losses.

European energy markets fell back on Tuesday as the geopolitical risk premium tied to the Middle East conflict began to unwind, with a US-Iran framework expected to be signed in Switzerland on Friday.

European energy markets fell back on Tuesday as the geopolitical risk premium tied to the Middle East conflict began to unwind, with a US-Iran framework expected to be signed in Switzerland on Friday.

Wholesale energy markets opened the week with a steep sell-off as the geopolitical risk premium tied to the Middle East drained away on signs of a US and Iran de-escalation.

Wholesale energy markets fell sharply at the start of the week as an apparent easing of tensions between the US and Iran drained the geopolitical risk premium that had supported prices through early June.