Trump Rejects Iran Proposal, Gas Prices Spike on European Markets

European natural gas prices rose on Monday, reaching nearly €73/MWh, as tensions in the Persian Gulf escalated following President Donald Trump's rejection of Iran's proposal to reopen the Strait of Hormuz.

The US president deemed the terms unacceptable and expressed concerns over prolonged disruptions to energy supplies from the region. This move reignited worries about potential shortages ahead of the winter heating season.

Despite this, Trump suggested that talks with Tehran would resume later in the week. Iran reiterated its commitment to diplomacy while maintaining its existing conditions.