Energy Market Update 10 - 17 July 2026

/

Energy Market Update

Wholesale Market Summary (10 July – 17 July 2026)

Wholesale gas and electricity prices continued to climb last week, driven by growing concerns over global energy supplies and renewed geopolitical tensions in the Middle East.

The ongoing conflict between the US and Iran remains the dominant influence on energy markets. Military action has intensified in recent days, with reports of US strikes on strategic Iranian targets, including an oil tanker bound for Kharg Island, while Iran has launched drone attacks against US military facilities in Bahrain, Jordan and Kuwait.

As tensions rise, traders remain focused on the Strait of Hormuz – one of the world's most important energy shipping routes. Although the strait remains open, vessel movements are currently subject to restrictions imposed by Iranian authorities, increasing uncertainty over future oil and LNG supplies.

Electricity prices also moved higher, tracking the rise in wholesale gas costs. The increase was reinforced by a significant drop in renewable energy generation, particularly wind output, which resulted in greater reliance on gas-fired power stations to meet electricity demand.

Market Movements

Over the last week (10 July – 17 July 2026)

  • ⚡ Electricity prices rose by 3.89%

  • 🔥 Gas prices rose by 6.39%

Over the last month (17 June – 17 July 2026)

  • ⚡ Electricity prices rose by 5.50%

  • 🔥 Gas prices rose by 11.40%

What does this mean?

With wholesale prices continuing to trend upwards and geopolitical uncertainty showing little sign of easing, businesses approaching contract renewal may benefit from reviewing their energy purchasing strategy sooner rather than later. While markets remain volatile, securing a fixed contract before further price increases could help reduce future cost exposure.