FX.co ★ TTF Prices Climb to Over 3-Week High

European natural gas prices climbed to €50.3 per MWh, the highest level in more than three weeks, as intensifying hostilities between the US and Iran threatened to derail diplomatic efforts to end the conflict. The US carried out fresh strikes on multiple targets in Iran for a second consecutive day after President Donald Trump accused Tehran of stalling peace negotiations. In response, Iran fully closed the Strait of Hormuz to all maritime traffic and reportedly attacked two vessels transiting this critical chokepoint. These latest US strikes came on the heels of earlier attacks launched in retaliation for the downing of an American helicopter off the coast of Oman, an incident Trump blamed on Iran. The resurgence of violence raises the risk of prolonged disruptions to energy shipments through the strait, which accounts for roughly one-fifth of global LNG trade. For Europe, the key concern is rebuilding gas storage ahead of next winter, as the conflict constrains global supply and heightens competition for LNG cargoes.