European natural gas futures held their recent gains at around €42 per MWh on Wednesday, as prospects for a second round of US-Iran peace talks appeared uncertain, with the Strait of Hormuz remaining choked. Reports indicated that Vice President JD Vance, who was expected to lead US negotiators if discussions proceeded, canceled a planned trip to Pakistan after Iran said no final decision had been made on whether to attend. Meanwhile, President Donald Trump announced an extension of the ceasefire with Iran, saying Washington would give Tehran more time to present a proposal aimed at ending the conflict. Still, supply risks remain elevated as Hormuz stayed closed to shipping. Iran said it will not reopen the key waterway while the US maintains restrictions on vessels traveling to and from Tehran. The continued closure has severely disrupted LNG exports from the Persian Gulf, cutting roughly one-fifth of global supply.
