European Gas Prices Climb Ahead of US Deadline for Hormuz Deal

European natural gas prices jumped in a volatile session after reports that Iran stopped negotiating a potential ceasefire with the US, just hours before US President Donald Trump’s deadline for the country to reopen the Strait of Hormuz or face the destruction of key infrastructure.

Benchmark futures rose as much as 7% after the New York Times reported that Iran has stopped engaging with the US, citing three senior Iranian officials. Contracts had see-sawed earlier on Tuesday as traders awaited the outcome of the stand-off.