European natural gas futures rose nearly 6% to above €50 per MWh, recovering from an over three-week low after President Donald Trump’s address on Iran dampened hopes for an imminent ceasefire. Trump warned that the US would strike Iran extremely hard over the next two to three weeks, and that the Strait of Hormuz would reopen “naturally” once the conflict ends, though he provided no concrete timeline or details. Iran on Wednesday also denied Trump’s claim that it had requested a ceasefire.

Traffic through the Strait has been near a standstill since fighting began, disrupting roughly 20% of global LNG trade. Europe’s gas storage is running low, standing at 28%, heightening vulnerability as competition with Asia for LNG intensifies. EU officials have urged member states to prepare for prolonged disruptions and are considering reviving energy-crisis measures used in 2022. Price increases were capped by warmer weather and increased renewable power output, which reduces demand.

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