FX.co ★ UK Natural Gas Prices Slide Over 4%

UK natural gas prices fell more than 4% toward 95 pence per therm, the lowest level since February 27, after an interim US–Iran agreement took effect following the remote signing of a memorandum by both sides. According to Pakistan’s prime minister, the accord will lead Iran to “instantly reopen” the Strait of Hormuz, while the US will “immediately lift” its naval blockade of all Iranian ports. The deal also provides for the permanent cessation of military operations on all fronts, including in Lebanon, and launches a 60‑day negotiating period to reach a final agreement on the future of Iran’s nuclear program. However, Trump warned he would resume the war if Tehran fails to comply with the terms of the 14‑point memorandum of understanding. In anticipation of the imminent reopening of the strait, several vessels have begun returning to the Middle East, including tankers from Qatar, the world’s second‑largest LNG exporter.