European natural gas futures slipped to about €43.4 per MWh as traders awaited President Trump’s response to Iran’s proposal to reopen a key maritime shipping route. The White House said U.S. officials were reviewing Tehran’s latest offer but stressed that core conditions for any agreement to end the conflict remained unchanged. Under the proposal, Iran would reopen the strait in return for Washington lifting its blockade on Iranian ports, with talks on Iran’s nuclear program postponed to a later stage.
The initiative came after a second round of negotiations in Pakistan collapsed over the weekend, when delegations from both sides withdrew. The strait remains largely impassable, with each side upholding restrictions around the crucial waterway and disrupting roughly one-fifth of global LNG trade. Market participants are closely watching Europe’s LNG inflows, as the region must secure sufficient volumes over the summer to rebuild storage ahead of next winter.
