01.04.202610:05:09UTC+00UK Natural Gas Prices Move Away from 3-Year Highs

UK natural gas futures fell to around 123 pence per therm, pulling back from a more than three-year high of 156.6 pence reached in March, as traders raised bets that the war involving Iran could ease. The shift in sentiment followed comments by President Donald Trump, who signaled that the United States could withdraw from the conflict within two to three weeks. He indicated that a deal with Tehran might be achievable but stressed that such an agreement was not a prerequisite for ending hostilities.

Energy markets have remained highly volatile since the onset of the war, with the Strait of Hormuz largely closed and major supply routes severely disrupted. Any de-escalation could allow energy flows to resume gradually, although the recovery is likely to be slow due to damage to infrastructure and ongoing uncertainty over shipping conditions. Roughly one-fifth of global LNG trade usually transits the strait, where traffic has almost completely stalled since late February.

At the same time, EU officials have warned that disruptions could persist and are weighing the possible reintroduction of emergency measures first deployed during the 2022 energy crisis.