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10.07.202606:24:18UTC+00UK Gas Prices Ease 2%

UK natural gas prices slipped more than 2% to around 118.5 pence per therm on Friday, retreating from a four-week high amid signs that US-Iran talks remain ongoing despite the latest flare-up in regional tensions. A US official stressed that Washington is still pursuing a diplomatic resolution with Tehran, easing concerns over a large-scale conflict that could disrupt energy flows from the Persian Gulf.

Earlier in the week, prices had surged roughly 15% after fresh US strikes on Iranian targets—carried out in response to attacks on vessels passing through the Strait of Hormuz—prompted retaliatory Iranian strikes on US bases in the region. Markets remain acutely focused on traffic through the Strait of Hormuz, a key chokepoint that handles about one-fifth of global oil and LNG shipments. Any renewed disruption there could complicate Europe’s efforts to rebuild gas stocks ahead of the winter heating season.

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