European Gas Prices Plunge Over 12% After Israel-Iran Ceasefire
European natural gas prices took a sharp dive, dropping more than 12% in early trading as news broke of a ceasefire between Israel and Iran. The benchmark TTF contract fell to €35.40/MWh, down from around €41 the previous day, bringing prices back to levels seen before the conflict began on June 13.
This dramatic fall reflects fading fears of supply disruptions in the Middle East, especially concerns about a potential blockade of the Strait of Hormuz. With tensions easing, traders are now expected to shift focus to replenishing European gas reserves, helped by rising LNG deliveries from the US.
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