U.K natural gas futures rose more than 5% toward 127 pence per therm, rebounding from a one-month low, as optimism for a quick resolution to the Middle East war waned. President Donald Trump offered little clarity on the path to ending the war he claimed would conclude soon, while warning that US military operations in Iran will continue for the next two to three weeks.
Iran on Wednesday also denied Trump’s claim that it had requested a ceasefire. Energy markets have remained highly volatile since the conflict began, with the Strait of Hormuz largely blocked. Around one-fifth of global LNG supply normally transits the strait, but traffic has almost ground to a halt since late February. EU officials also warned of prolonged disruptions and signaled they may reintroduce emergency tools used during the 2022 energy crisis.
