European natural gas prices fell more than 4% to around €47 per MWh, approaching a two-week low, after President Donald Trump said a US–Iran framework agreement was close. Trump also stated that he had called off planned US military strikes on Iran, noting that negotiations with Tehran had been elevated to the highest levels of Iran’s leadership and had received their approval. However, uncertainty persisted as Tehran had yet to confirm any such understanding.
The comments followed Trump’s earlier threats to seize Kharg Island and assert control over Iran’s oil and gas markets, amid an escalation in US–Iran tensions earlier in the week. In the absence of a formal agreement, markets remained concerned about the potential for prolonged supply disruptions through the Strait of Hormuz, a route that handles roughly one-fifth of global LNG shipments.
In Europe, attention is still centered on rebuilding gas inventories ahead of the winter heating season, as the conflict further constrains global supply and intensifies competition for LNG cargoes.
