Commodities
Iran's Proposal Sends European Gas Prices Plummeting to Three-Week Low
European natural gas prices have fallen to a three-week low of around €71 per megawatt-hour. This decline comes after reports emerged that Iran could reopen the Strait of Hormuz if the US lifts its blockade on Iranian ports.
Tehran has proposed reopening the waterway within seven days, potentially paving the way for diplomatic discussions at the UN General Assembly. President Donald Trump is set to address the assembly and may meet with Iranian President Masoud Pezeshkian.
The increased number of LNG tankers and crude carriers using alternative routes has eased supply concerns, while demand in Northeast Asia remains weak, particularly in China, Japan, and Turkey.