Energy markets started the week relatively steady, with underlying geopolitical tension continuing to shape sentiment. Oil prices edged higher as uncertainty around Iran remained, following renewed warnings from Donald Trump around potential escalation if a deal is not reached. However, gains were limited as some shipping activity continued through the Strait of Hormuz, easing immediate supply concerns. Brent crude rose slightly to $109.77 per barrel, while WTI increased to $112.41.

Gas markets were largely unchanged on the day. The UK NBP spot price held at 125.25 p/therm, with trading activity remaining subdued over the Easter holiday period. On the forward curve, the Winter 2026 contract also remained steady at 127 p/therm, although the wider outlook remains sensitive to geopolitical developments as market liquidity returns.