Thermal coal futures fell to around $146 per ton, retreating from near three-year highs as expectations of an imminent peace agreement between the US and Iran weighed on oil and natural gas prices, reducing incentives for fuel switching. The two countries are expected to sign the deal in Switzerland on June 19, with reports indicating it includes the reopening of the vital Strait of Hormuz, through which roughly one-fifth of global energy supplies flowed before the conflict erupted. The prolonged disruption had prompted energy importers across Asia and Europe to seek alternatives to Persian Gulf natural gas, with Japan and South Korea notably increasing coal consumption during the war. Meanwhile, coal prices had surged to multi-year highs earlier this month after Indonesia tightened export controls on key commodities, a move expected to delay coal shipments from the world’s largest exporter.

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