The temporary peace agreement between the US and Iran takes effect, and the price of natural gas in Europe falls to a two-month low.

After the temporary peace agreement between the US and Iran was officially implemented, the price of natural gas in Europe dropped to a new low in nearly two months, and the market focus shifted to the speed of energy transportation recovery in the Strait of Hormuz. On Thursday, benchmark natural gas futures saw their biggest drop of 4.6%, hitting the lowest price for the contract since April 21. The market is optimistic that the key shipping route for oil and gas will quickly recover, with gas prices falling by over 10% this week. US President Donald Trump signed the agreement at the Palace of Versailles near Paris, and had dinner with French President Emmanuel Macron. The agreement includes the rapid reopening of the Strait of Hormuz and the immediate exemption of Iranian oil-related sanctions. It is currently unclear whether Iran has initiated any measures to fully restore navigation in the strait.