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Energy Markets
08.04.2026
UK gas prices rose on Tuesday as uncertainty around the US-Iran deadline continued. Oil prices moved slightly lower after Pakistan asked for a two-week extension to Trump’s Strait of Hormuz deadline and called for a temporary ceasefire. Traders had been closely watching US-Iran talks before the deadline, with Brent crude falling 0.5% to $109.27 per barrel and WTI rising 0.5% to $112.95.
The UK NBP spot gas price jumped 6% to 132.80 p/therm. This increase was driven by concerns that delays in reopening the Strait of Hormuz could mean a longer conflict and tighter global energy supply. Markets are reacting to the risk of ongoing disruption to key shipping routes.
Looking ahead, forward gas prices also increased. The Winter 2026 contract rose over 6% to 134.82 p/therm, supported by low gas storage levels and continued reliance on imports. This shows that supply concerns are not just short-term but expected to persist into the future.
Elsewhere, European energy markets were mixed. German power prices fell due to mild weather forecasts, while French prices surged after an extended outage at a nuclear plant. Forward power prices rose alongside gas, while carbon prices edged slightly lower as investors remained cautious ahead of updates on emissions data and the US-Iran situation.