UK Natural Gas Prices Climb to 2-Week High

2026-04-27 06:56 By Judith Sib-at 1 min. read

UK natural gas futures rose toward 111 pence per therm, hovering near their highest level in two weeks, as the Strait of Hormuz remained choked after US-Iran peace talks stalled.

President Donald Trump canceled the US delegation’s planned trip to Pakistan over the weekend, while Iran said it would not negotiate under threat.

Both sides continue to maintain a blockade of the Strait, making the key waterway nearly impassable.

Meanwhile, reports indicated that Iran offered the US a new proposal to reopen the Strait and end the war, with nuclear negotiations pushed back to a later date.

The conflict has disrupted about a fifth of global LNG supply, although weaker demand from Asia helped ease pressure on European buyers by reducing competition for cargoes.

National Gas also said domestic gas stocks are expected to be sufficient to meet summer demand and may even allow some exports to mainland Europe.



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