FX.co ★ European Gas Prices Rebound

European natural gas futures climbed toward €46 per MWh on Thursday, rebounding from a five-week low, as Israeli strikes on Lebanon deepened uncertainty over the durability of the US-brokered ceasefire with Iran. In response, Iran again moved to obstruct shipping through the Strait of Hormuz, condemning the latest attack as a violation of the truce and continuing its strikes on Gulf states. A central dispute concerns whether the ceasefire’s terms apply to Lebanon, with Tehran and the US-Israeli side advancing conflicting interpretations. At the same time, Qatar is reportedly deploying engineers and workers to restart production at the world’s largest LNG export terminal, which has been offline since early March after Iranian strikes caused severe damage. Although partial output could resume in the coming days, any substantial recovery remains contingent on secure passage through the Strait.