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European natural gas futures climbed toward €45 per MWh on Monday, extending gains from the previous session, as the US and Iran failed to reach agreement on a US-drafted peace proposal, leaving the Strait of Hormuz largely closed. President Donald Trump rejected Iran’s response to the proposal, calling it “totally unacceptable” and accusing Tehran of playing games. This was after reports that Iran had proposed transferring part of its stockpile of highly enriched uranium to a third country and refused to dismantle its nuclear facilities. The near-closure of the strait has choked off around one-fifth of global LNG supply, with the route currently blocked by both sides. While most Middle East supply goes to Asia, the disruption has tightened global supply and intensified competition for cargoes. The situation is critical for Europe, which needs to refill storage ahead of next winter.
