European natural gas futures dropped toward €45 per MWh, extending their retreat from a three-week high, as President Donald Trump’s plan to escort ships through the Strait of Hormuz eased some supply concerns. The effort, titled “Project Freedom,” is set to begin Monday morning (Middle East time) and aimed to safely guide stranded vessels out of the region and restore normal trade flows. Trump also noted that representatives were engaged in “very positive” discussions with Iran, raising hopes for a potential diplomatic breakthrough. However, the lack of concrete details has kept markets wary. Trump also raised the possibility of a forceful response if Iran attempt to block the passage of ships, while Tehran warned that any US interference in the strait would be considered a breach of the ceasefire. The near-closure of the strait over the past two months has severely disrupted global energy supply chains, cutting roughly one-fifth of global LNG supply.

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