European natural gas prices dipped following statements from US President Donald Trump, who suggested that a breakthrough deal with Iran is close at hand. In Amsterdam, the benchmark ICE Endex Dutch TTF contracts slid by 5.2% to €47.09 per MWh, having previously plummeted by as much as 6%. Trump stated on Thursday that the accord could be signed in Europe shortly. Once finalized, Iran is expected to lift its blockade of the Strait of Hormuz immediately, while the US will end its restrictions on Iranian ports.
President Trump indicated that Iran’s leader, Mojtaba Khamenei, has already consented to the framework, attributing Teheran’s compliance to recent US military strikes. While official confirmation from Iran is still pending, the domestic Fars news agency noted that authorities have „not yet approved the agreement, but likely will.” Market traders are highly optimistic about the reopening of the Strait of Hormuz. Prior to the Middle East conflict erupting in late February, this strategic corridor accounted for roughly one-fifth of global crude oil and liquefied natural gas (LNG) shipments.
