UK wholesale Gas and Electricty prices shot up on Thursday as the conflict in the Gulf continues. We expect this volatility to continue.

Prices have been affected by the intensifying conflict between the Houthis and Saudi Arabia, and the Houthis are reported to have struck Aramco sites and several airports over the past 48 hours. Prices have also been lifted by reports that the US and Israel plan joint strikes on Iran once the US midterm elections are over on 3 November. The upward trend has carried on into this morning.

Power prices kept rising yesterday, as Iran said it was behind further attacks on ships in the Strait of Hormuz. Near-term contracts got some relief from Storm Austen, as its strong winds pushed more wind generation onto the UK grid.

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