18.05.202602:07:55UTC+00European Gas Prices Hit Near 6-Week High

European natural gas futures rose to €51.1 per MWh, their highest level in nearly six weeks, driven by ongoing uncertainty around the Strait of Hormuz. Peace negotiations between the United States and Iran remain deadlocked, with both sides holding firm and the strait largely closed to normal traffic. President Donald Trump warned Iran of potential consequences if a deal is not reached quickly, stating that his patience is wearing thin.

A weekend drone attack that sparked a fire at a UAE nuclear facility further underscored the fragility of the current ceasefire. At the same time, Trump and Chinese President Xi agreed in principle that the key maritime route should remain open, but they made no tangible progress toward restoring normal shipping conditions.

LNG deliveries to Europe have been disrupted since the conflict erupted in late February, with flows particularly affected after the fighting spread to major production sites in Qatar. The interruptions have intensified concerns across Europe, as the region must rebuild gas inventories ahead of the winter heating season.