Tariffs, Tensions and a 5% Jump: What Really Moved UK Energy Markets?

Over the weekend, news emerged that the US is considering new tariffs that could impact trade with the UK and Europe. It was reported that the US looks to use tariffs as a negotiating tool in wider discussions, with the UK caught in the middle due to its close trading and energy links with Europe.

Markets reacted quickly. On Friday, Summer 2026 gas prices rose by nearly 5%, while UK day-ahead gas jumped above 10p/kWh. The momentum reflects how uncertain markets are right now. Market participants didn’t wait for detail, the headline alone was enough to trigger an immediate response.

The proposed tariffs relate to imports into the US and, as such, shouldn’t impact gas flows into the UK or wider European storage. The strain isn’t around supply itself, but reflects rising geopolitical tension and uncertainty.

What this means is that Friday’s price move was largely about sentiment, not supply. In a tight market, any political headline can push prices higher as traders add caution, cover positions and price in uncertainty. Importantly, prices haven’t broken into new ground, they’ve mostly moved back toward the recent range seen in December, with only limited impact further along the curve.

The recent volatility is likely a reaction to headlines rather than a real shift in fundamentals. Unless tariff plans turn into concrete measures that directly affect energy trade, this is more about short-term volatility than long-term price direction.

Markets can move fast on news alone, which makes managing risk early far more effective than trying to time short-lived dips. If you want to capture markets at opportunistic levels, contact us today at hello@gleg.co.uk.