TTF Gas Hits 5-week Low

European natural gas prices dropped more than 5% to around €44 in early Asian trading, the lowest in five weeks, after the US and Iran reached a deal to end hostilities and reopen the Strait of Hormuz. President Donald Trump said he would authorize the “toll-free reopening” of the vital shipping route and lift the blockade on Iran, with the strait expected to reopen once the agreement is formally signed in Switzerland on Friday. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the agreement, although he noted that the full text would only be released after the signing ceremony. The reopening of the strait would restore LNG shipments from the Persian Gulf, helping to alleviate supply concerns that have kept natural gas prices in Europe and Asia elevated since March.

TTF Gas decreased to 44.24 EUR/MWh, the lowest since May 2026. Over the past 4 weeks, Natural Gas EU lost 0.31%, and in the last 12 months, it increased 24.59%.

European natural gas prices declined more than 7% to around €46 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.