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Commodities

Europe's Gas Prices Soar as Hormuz Deal Hopes Fizzle

Guavy AI Editorial Team
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Natural Gas
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European natural gas prices surged on Monday as talks between Iran and Oman to reopen the Strait of Hormuz failed to convince traders that a deal would lead to a quick resumption of global LNG flows.

Benchmark futures rose more than 10% in response, with Dutch front-month futures increasing to €61.24 a megawatt-hour by 6:02 p.m. in Amsterdam.

The discussions between Iran and Oman have been ongoing, but Iran's recent statement that an agreement was 'very close' has tempered hopes for a swift restoration of flows.

US President Donald Trump indicated he's prepared to let economic pressure on Iran build rather than launch fresh military strikes to force a reopening of the strait.

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