FX.co ★ European Gas Prices Ease

European natural gas futures slipped toward €44 per MWh, pulling back from a two-week high as investors weighed the latest diplomatic efforts to reopen the Strait of Hormuz. The White House said US officials are reviewing Iran’s latest proposal but stressed that Washington’s red lines on any agreement to end the war remain in place. The plan reportedly calls for reopening the strait in exchange for the United States lifting its blockade on Iranian ports, with separate talks on Tehran’s nuclear program to be held at a later stage. The proposal comes after a second round of talks in Pakistan collapsed over the weekend, when delegations from both sides withdrew. The strait remains largely impassable, as both parties continue to enforce restrictions around the key waterway, disrupting roughly one-fifth of global LNG flows. Traders are closely watching Europe’s LNG imports, with the region needing to lock in sufficient supply over the summer to refill storage ahead of next winter.