European natural gas prices eased to about €46.8 per megawatt-hour on Wednesday, paring part of the previous session’s sharp gains as investors reassessed the likelihood of a US–Iran agreement amid renewed hostilities. Earlier in the week, the United States and Iran exchanged strikes near the Strait of Hormuz, even as Washington signaled progress toward a potential deal. The clashes came shortly after President Donald Trump said talks with Tehran on extending the ceasefire and reopening the strategic waterway were making headway, though Secretary of State Marco Rubio warned that concluding an agreement could still take several days.
The near-shutdown of the Strait has disrupted nearly one-fifth of global LNG shipments, with the route still blocked by both sides. While most gas exported from the Persian Gulf is destined for Asian markets, the disruption has tightened global supply and intensified competition for cargoes, heightening concerns in Europe as it seeks to rebuild inventories ahead of next winter.
