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European natural gas prices dropped more than 5% to below €64 per megawatt-hour on Wednesday, extending losses from the previous session as signs of progress in the Middle East talks eased fears of a squeeze on energy supplies. Iran’s and Oman’s foreign ministers said that they discussed plans for a temporary transit corridor through the Strait of Hormuz, along with a project to clear mines from the waterway. Pakistan also said on Tuesday that it had made significant progress in talks with Tehran aimed at ending the war. The US decision to return diplomats to the Middle East also allayed fears of a further escalation in the conflict. However, supply risks remain as the ongoing maritime blockade continues to disrupt physical LNG flows from the Persian Gulf, with shipments from major exporter Qatar facing severe delays. Persistent hot weather across Europe is also driving higher electricity demand for cooling, slowing the pace of seasonal gas storage injections.
