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Commodities

EU Gas Prices Slide on Halt of US-Iran Strikes

Guavy AI Editorial Team
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Natural Gas
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European natural gas prices dropped more than 7% on Monday to below €59 per MWh, reversing their recent trend as tensions in the Middle East eased following a halt in military strikes between the US and Iran.

The pause came after 13 consecutive nights of US strikes against Iran, which had been ongoing since late Friday. Tehran announced that it too would suspend its retaliatory operations, citing talks with Iranian and Omani officials on shipping through the Strait of Hormuz.

Despite the reprieve, concerns over Europe's gas supply security remain due to relatively low storage levels and high electricity demand driven by hot weather across the region.

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