UK natural gas prices climbed above 143 pence per therm on Tuesday, driven by persistent uncertainty surrounding potential renewed US–Iran diplomatic efforts and conflicting messages from both sides. On Monday, President Trump said talks were in progress, framing them as Iran’s last opportunity to reach an agreement and avert large-scale airstrikes. Tehran, however, denied any direct negotiations with Washington, while confirming that discussions with Oman on securing safe passage through the Strait of Hormuz were advancing.
Reports of another attack on a commercial vessel in the waterway underscored the ongoing security risks in the region. The conflict has disrupted roughly one-fifth of global LNG supply, intensifying competition between European and Asian buyers for available cargoes and slowing the pace of gas storage refills in Europe. As a result, European gas inventories have fallen to their lowest level for this time of year in nearly two decades, amplifying concerns over the region’s security of supply ahead of the approaching heating season.
