Due to the unclear outlook for natural gas trading in Hormuz, European gas prices have risen.

Due to the failure of negotiations between Iran and Oman regarding the reopening of the Strait of Hormuz to convince traders that an agreement would lead to a swift recovery in global LNG shipments, European gas prices rose. The European gas benchmark Dutch front-month futures increased by 8.2% to 60.09 per megawatt-hour; meanwhile, U.S. gas futures also rose by 5.3% due to weather forecasts indicating rising temperatures and a wave of short-covering.