European natural gas futures steadied near €44 per MWh on Thursday, following a 6.4% decline in the previous session, as markets weighed prospects of a US-Iran deal that could lead to the gradual reopening of the Strait of Hormuz.

Washington and Tehran are reportedly moving closer to an agreement on a one page of memorandum to end their conflict, with Iran expected to respond in the coming days. The latest US proposal came after President Trump briefly suspended an initiative to provide safe passage for vessels through the strait. The effective closure of the vital waterway has choked off around one-fifth of global LNG supply, with the route currently facing a dual blockade from both sides. While most gas from the Persian Gulf are directed toward Asia, the disruption has tightened global supply, raising concerns in Europe as the region needs to replenish inventories before next winter.

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