European natural gas prices fell more than 6% to around €45.7 per megawatt-hour, their lowest level in two weeks, amid signs of a potential de-escalation in the Middle East. On Saturday, President Donald Trump said a peace agreement with Iran had been “largely negotiated” and would include reopening the Strait of Hormuz. He later cautioned, however, that negotiators should not rush the process, emphasizing that the US blockade would remain in place until a final deal is reached.
Iran, for its part, warned that the draft agreement could still collapse, accusing the United States of continuing to block key provisions, including Tehran’s demand to unfreeze its overseas assets. The recent hostilities and the near closure of this critical shipping lane have disrupted roughly one-fifth of global LNG supply, pushing prices higher and roiling energy markets.
