TTF Prices Down Over 4%

European natural gas prices declined more than 4% to around €47 per MWh, nearing a two-week low, after President Donald Trump said a US–Iran framework agreement was close. He had also cancelled planned US military strikes against Iran, saying negotiations with Tehran had been elevated to the highest levels of Iranian leadership and received approval. Still, uncertainty remained as Tehran has yet to confirm. The remarks also followed Trump’s earlier threats to seize Kharg Island and take control of Iran’s oil and gas markets, alongside an escalation in US–Iran hostilities earlier in the week. The absence of concrete agreements kept concerns over prolonged supply disruptions to flows through the Strait of Hormuz, which accounts for around one-fifth of global LNG supplies. In Europe, attention remains focused on replenishing gas storage ahead of the winter season, as the conflict tightens global supply and heightens competition for LNG cargoes.

European natural gas prices rose further to €50.3 per MWh, the highest in over three weeks, as escalating attacks between the US and Iran threatened to undermine efforts to end the conflict. The US launched new strikes on several targets in Iran for a second straight day after President Donald Trump accused Tehran of delaying peace talks. Iran responded by completely closing the Strait of Hormuz to all maritime traffic and reportedly struck two vessels transiting the key waterway. The latest US attacks followed earlier strikes carried out in retaliation for the downing of an American helicopter off the coast of Oman, which Trump blamed on Tehran. The renewed hostilities risk prolonging disruptions to energy flows through the strait, which handles around one-fifth of global LNG supplies. For Europe, the primary concern is replenishing gas storage ahead of next winter, as the conflict tightens global supplies and intensifies competition for LNG cargoes.

European natural gas prices rose to around €49.2 per MWh, recouping part of the previous session’s losses after the US carried out strikes on Iran in response to a downed helicopter. President Donald Trump earlier accused Tehran of shooting down the aircraft, which he said was conducting patrol operations over the Strait of Hormuz, and pledged retaliation. The new US strikes have again raised concerns about the durability of their ceasefire and ongoing peace negotiations, increasing the risk of prolonged disruptions to traffic through Hormuz, where shipping has already been constrained by blockades imposed by both sides. This development comes after Israel and Iran agreed to suspend mutual attacks following a recent escalation in hostilities. For Europe, attention remains focused on refilling storage facilities for next winter, with the ongoing conflict tightening global supply and intensifying competition for LNG cargoes.