On Tuesday, wholesale gas and electricity prices continued to rise due to the ongoing conflict in the Strait of Hormuz. While this situation continues, there will be volatility.

Gas: Gas prices continued to climb alongside the oil markets yesterday. Some gains were lost when the US scrapped the idea of tolling the Strait of Hormuz. The closure of the Strait of Hormuz exacerbates Europe’s storage struggles, increasing the risk premiums further. Prices have continued to rise this morning.   Power: Power prices have risen alongside the energy mix, bullish gas and carbon being the main drivers. Prices have continued to rise this morning.   Oil: Oil prices continued to rise yesterday, by 2% as the US reimposed a naval blockade on Iran, further reducing oil flows through the region. Prices have continued to rise this morning, extending to a new one-month high.   Carbon (EUAs): The ICE Dec-26 traded to €81.39/t yesterday. The contract opened this morning at €81.40/t.   Carbon (UKAs): The ICE Dec-26 closed at £58.26/t last night, opening this morning at £58.44/t.

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