UK Natural Gas Prices Hover at 2-Week High

UK natural gas futures traded around 110 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.

UK natural gas futures climbed toward 113 pence per therm, extending their rebound from a seven-week low, as peace talks between the US and Iran talks stalled and the Strait of Hormuz remained closed. Reports indicated that Vice President JD Vance, who was expected to lead US negotiators if discussions continue, called off a planned trip to Pakistan after Iran said no final decision had been made regarding its participation. Meanwhile, President Donald Trump extended the ceasefire with Iran, saying the US would postpone further strikes to allow Tehran more time to submit a proposal aimed at ending the conflict. The near closure of Hormuz 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.

UK natural gas futures climbed above 105 pence per therm, rebounding from a seven-week low of 97.11 reached on April 17, as markets focus on potential US-Iran talks ahead of a fragile ceasefire deadline. Iran has yet to confirm participation in negotiations in Pakistan, with disagreements persisting over key issues including access to the Strait of Hormuz. The conflict has already triggered a global energy crisis that could worsen if tensions escalate again. President Donald Trump said Vice President JD Vance is ready to attend talks but warned the US will not rush a deal and could resume military action if needed. The near closure of Hormuz has disrupted about a fifth of global LNG supply, though weaker demand from Asia has eased some pressure. National Gas said domestic inventories should be sufficient to meet summer demand and may even support exports to Europe.