European natural gas prices rose on Monday, partially recovering from a decline late last week. Investors are assessing the uncertainty surrounding possible negotiations between the US and Iran on extending a temporary truce. Bloomberg reports this, according to UNN.
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According to the publication, the benchmark Dutch TTF hub contract remains significantly above pre-war levels, despite price fluctuations.
The market is reacting to the escalation of the situation after the US detained an Iranian-flagged vessel, which provoked threats of retaliation from Tehran. The two-week ceasefire expires this week.
US President Donald Trump stated that American representatives would arrive in Pakistan for a new round of peace talks with Iran. At the same time, Tehran, according to the Iranian agency IRNA, refused to participate in the second round of negotiations, accusing Washington of "excessive demands" and changing its position.
Iran also stated that it considers the naval blockade a violation of the ceasefire. In addition, according to Axios, Tehran suspects the US of preparing a surprise attack.
Bloomberg notes that an additional factor putting pressure on the market was the repeated closure of the Strait of Hormuz, through which a significant part of the world's energy supplies pass. Energy infrastructure, including Qatar's production facilities, was also affected.
At the same time, weaker demand from Asia is restraining price growth, which partially reduces the burden on European gas storage facilities.
Ship traffic through the Strait of Hormuz has practically stopped - media20.04.26, 17:08