Oil prices edged higher on Friday as Hurricane Isaias approached the northern Gulf of Mexico, forcing shutdowns that affected more than 70% of US offshore crude production. Earlier losses, driven by positive signals from US-Iran talks and the prospect of a US diesel announcement or a federal gasoline tax suspension, were reversed. Brent rose 0.4% to $104.72/bbl, while WTI gained 0.4% to $91.85/bbl.

UK gas prices rose sharply as concerns over supply security intensified. Geopolitical risks in the Middle East and the threat of hurricane-related disruption to US LNG exports added to worries over winter supply, with the Plaquemines LNG facility in Louisiana potentially affected. NBP spot prices surged 4.6% to 195.90 p/therm, while Summer 2027 gained 1.3% to 150.42 p/therm.