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UK natural gas futures rose to around 117.6 pence per therm, marking their highest level in over three weeks, on prospects of prolonged disruption in the Strait of Hormuz. President Donald Trump has rejected Iran’s proposal to reopen the waterway, opting instead to maintain a naval blockade to increase pressure on Tehran over its nuclear program. Iran has warned that it would retaliate if US blockade continues, accusing Trump of using economic pressure to force surrender. With the strait effectively shut for two months, roughly one-fifth of global LNG supply has been constrained. Meanwhile, softer demand from Asia helped ease pressure on European markets by reducing competition for LNG cargoes. National Gas also said the UK is expected to have sufficient supply to meet summer demand and may even allow some exports to mainland Europe. UK gas prices are on track for a monthly decline, following the sharp rally in March.
