UK Natural GasPrice - Chart - Historical Data - News

UK natural gas futures dropped to around 106.5 pence per therm, the lowest level in two weeks, tracking a broader decline in energy markets as optimism grew over a potential end to the Middle East conflict and a reopening of the Strait of Hormuz. Reports indicated the US and Iran are close to a preliminary agreement that could lead to wider nuclear talks, raising hopes of de escalation and easing supply disruption risks. President Donald Trump also announced a temporary halt to “Project Freedom,” a military operation aimed at securing shipping through the strait, citing progress in negotiations. The conflict and near closure of the key route had removed about a fifth of global LNG supply, pushing UK natural gas prices almost 50% higher. While most Middle East gas flows to Asia, the disruption has tightened global supply and increased competition, leaving Europe on alert as it works to rebuild gas inventories ahead of winter.

UK natural gas futures dropped 3% to 111.5 pence per therm, retreating from a four-week high amid hopes of a US-Iran peace agreement that could ease Hormuz disruptions. President Donald Trump said efforts to guide stranded vessels out of the strait would be temporarily paused as part of a push to secure a deal with Iran, but maintained restrictions on Iranian ports. Secretary of State Marco Rubio also stated that the ceasefire remains intact and that the initial US-Israeli offensive in Iran has ended. Meanwhile, Iran denied carrying out attacks in the UAE and warned it would retaliate if Abu Dhabi launches strikes on its territory. UK gas prices have surged more than 50% since the war began, as tighter supply heightened competition for cargoes, though they have eased from earlier peaks as demand from parts of Asia softened. Weather forecasts for May across Europe suggest volatility, with alternating storm systems and warmer spells likely to drive fluctuations in demand.

UK natural gas futures jumped 6% toward 117 pence per therm, reaching their highest level in four weeks, as tensions in the Middle East flared again. A fragile ceasefire between the US and Iran is under strain after both sides fired shots in the Strait of Hormuz, drawing in the UAE. The US said it struck seven Iranian fast boats in the strait and denied Iran’s claim that it had hit American warships. Meanwhile, the UAE said it intercepted multiple Iranian drones and missiles, and a fire broke out in Fujairah following an attack, marking the first reported Iranian-linked strike since a fragile ceasefire took hold in early April. Since the war began, UK gas prices have surged more than 50% as tighter supply heightened competition for cargoes, although prices have eased from earlier peaks due to softer demand from Asian buyers. Meanwhile, weather forecasts for May across Europe suggest volatility, with alternating storm systems and warmer spells likely to drive fluctuations in demand.