FX.co ★ UK Gas Prices Advance

UK natural gas prices climbed above 104 pence per therm on Thursday, reaching their highest level in nearly three weeks, as a surge in demand driven by a heatwave offset some of the downward pressure from the reopening of the Strait of Hormuz. Extreme temperatures across Europe are significantly boosting electricity consumption for air conditioning at a time when gas inventories are already tight. The region has been struggling to rebuild stocks after earlier supply disruptions; storage sites are currently about 48% full, compared with 56% at the same time last year and a five-year average of 61%. Meanwhile, President Donald Trump reported that negotiators had made progress in indirect talks with Iran, suggesting that diplomatic efforts remain on track despite recent tensions.