Hormuz Reopening Plans Weigh on European Natgas Prices

European natural gas prices closed the week in negative territory, following a broader energy selloff. The decline came as reports emerged that plans to reopen the Strait of Hormuz were underway. This news offset concerns about strain on natural gas supplies due to heatwaves.

The development comes after a previous spike in European natural gas prices amid growing fears about disruptions to oil shipments through the critical waterway.