TTF Prices Surge 10%

European natural gas futures fell to €51.3 per megawatt hour, though prices remained close to a six-week high as investors continued to grapple with persistent supply disruptions in the Middle East, with the Strait of Hormuz still largely closed. President Donald Trump renewed warnings that the US could launch further strikes on Iran if no agreement is reached, shortly after saying he had postponed a planned attack. Now in its 12th week, the conflict has severely disrupted shipping flows through the Strait, affecting roughly one-fifth of global LNG supply, while hostilities have also spread to key production assets in Qatar. Investors are closely monitoring Europe’s LNG imports, as the region races to secure enough fuel this summer to replenish storage ahead of next winter.

European natural gas futures fell to around €49.8 per MWh, retreating from a near six-week high amid renewed hopes for a US–Iran agreement that could reopen the Strait of Hormuz. President Trump has held off on immediate military action against Iran after Qatar, Saudi Arabia, and the UAE requested additional time to pursue negotiations over a nuclear deal. Separately, reports suggested that Iran had agreed to a long-term freeze of its nuclear program rather than a full dismantlement of its facilities. Roughly one-fifth of global LNG supply has been disrupted since the conflict began in late February, with hostilities extending to key production assets in Qatar. The situation raised serious concerns for Europe, particularly as the region needs to refill storage ahead of the next winter.

European natural gas futures climbed to €51.2 per MWh, their highest in nearly six weeks, amid persistent uncertainty surrounding the Strait of Hormuz. US-Iran peace negotiations remain stalled as both sides maintain firm positions, leaving the strait largely closed. President Donald Trump warned Iran of potential consequences if it failed to swiftly reach a deal, saying his patience was growing thin. A drone attack that caused a fire at a UAE nuclear facility over the weekend also reinforced concerns over the fragility of the ceasefire. Meanwhile, Trump and Chinese President Xi both agreed the key waterway should be open but made no concrete progress toward restoring normal shipping conditions. LNG flows to Europe have been disrupted since the conflict began in late February, particularly after hostilities expanded to key production assets in Qatar. This has raised serious concerns for Europe, particularly as the region needs to refill its tanks before next winter.