European natural gas futures climbed to €51.3 per MWh, their highest in nearly six weeks, amid persistent uncertainty surrounding the Strait of Hormuz. US-Iran peace negotiations remain stalled as both sides maintain firm positions, leaving the strait largely closed. President Donald Trump warned Iran of potential consequences if it failed to swiftly reach a deal, saying his patience was growing thin. A drone attack that caused a fire at a UAE nuclear facility over the weekend also reinforced concerns over the fragility of the ceasefire. Meanwhile, Trump and Chinese President Xi both agreed the key waterway should be open but made no concrete progress toward restoring normal shipping conditions. LNG flows to Europe have been disrupted since the conflict began in late February, particularly after hostilities expanded to key production assets in Qatar. This has raised serious concerns for Europe, particularly as the region needs to refill its tanks before next winter.

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