European natural gas futures climbed to €50.7 per MWh, extending their rebound from an over three-week low as President Trump’s deadline for Iran to reopen the Strait of Hormuz approaches with no signs Tehran will comply. Trump warned that failure to do so would prompt US strikes on Iranian power plants and other civilian infrastructure. Iran on Monday rejected the ultimatum and a mediated proposal for a temporary ceasefire. The standoff heightened fears of a deeper global supply squeeze. With Europe’s gas storage critically low at roughly 28%, the region remains highly vulnerable to supply shocks, especially as competition with Asian buyers for LNG cargoes intensifies. Still, the upside in gas prices was partly capped by warmer weather and higher renewable power output, which are dampening demand. Meanwhile, two Qatari LNG carriers aborted an attempt to exit the Strait in what would have been the first Qatari LNG exports since the war began.
