Mucahithan Avcioglu
12 June 2026•Update: 12 June 2026
European natural gas prices fell more than 5% on Friday, nearing a two-week low, after US President Donald Trump said Washington and Tehran were close to reaching a framework agreement, easing immediate concerns over a prolonged disruption to energy flows through the Strait of Hormuz.
The benchmark Dutch TTF natural gas futures, Europe’s reference contract, dropped to around €47 ($54.3) per megawatt-hour as of 0720GMT, down more than 5% on the day, according to market data.
Prices came under pressure after Trump said a deal was close and cancelled planned US military strikes on Iran.
Market participants, however, remained cautious as Tehran has yet to confirm the existence of a concrete agreement, though it said the main points had been finalized.
The remarks followed an escalation in US-Iran hostilities earlier in the week and Trump’s previous threats to seize Kharg Island and take control of Iran’s oil and gas markets, raising fears of a deeper conflict in one of the world’s most critical energy corridors.
The Strait of Hormuz remains central to market concerns, as any disruption to LNG flows through the waterway would constitute a major shock to global gas markets, particularly because of Qatar’s role as a key LNG exporter, according to the International Energy Agency.
The waterway accounts for around one-fifth of global LNG supplies, making Europe vulnerable to tighter competition for cargoes even though the bloc receives much of its gas from pipeline suppliers and Atlantic-basin LNG exporters.
