UK natural gas futures climbed more than 5% toward 127 pence per therm, rebounding from a one-month low, as hopes for a swift resolution to the Middle East conflict faded. President Donald Trump offered little clarity on how or when the war would end, despite his earlier assertions that it would conclude soon, and warned that US military operations in Iran would continue for the next two to three weeks. Iran on Wednesday also rejected Trump’s claim that it had requested a ceasefire.
Energy markets have remained highly volatile since the conflict began, with the Strait of Hormuz largely blocked. Roughly one-fifth of global LNG supplies typically pass through the strait, but traffic has nearly come to a standstill since late February. EU officials have warned of prolonged disruptions and indicated they may reinstate emergency measures first deployed during the 2022 energy crisis.
