European natural gas futures fell more than 17% to €44 per MWh on Wednesday, their lowest level in five weeks, after U.S. President Donald Trump agreed to suspend planned strikes on Iran for two weeks in exchange for Tehran guaranteeing safe passage through the Strait of Hormuz. The ceasefire was announced less than two hours before Trump’s deadline for Iran to accept a deal.
Trump said talks appeared to be making headway, citing a 10-point proposal from Iran that he called a “workable basis” for a more durable peace framework. Iran, for its part, said its military would oversee and coordinate maritime traffic through the Strait. Shipments through the key waterway have dropped sharply since the war began in late February, while roughly 20% of global LNG exports from Qatar remain blocked.
