European natural gas futures fell 7% to €53.3 per MWh as milder weather and stronger renewable output reduced demand across the region. Despite the pullback, prices are still up more than 60% in March, the biggest monthly increase since September 2021, driven by the Middle East conflict which has effectively shut the Strait of Hormuz, a key route for around a fifth of global LNG flows, and forced the closure of Qatar’s largest LNG facility.

The war has now entered its fifth week with no clear signs of de escalation, raising concerns over deeper supply disruptions. President Donald Trump urged other nations to help secure the strait as Iran continued missile strikes across the Persian Gulf. Earlier reports showed President Trump keen to wind down military operations and pressure Tehran diplomatically into reopening the Strait of Hormuz.

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