
UK natural gas prices fell more than 5% to around 106 pence per therm, marking the lowest level in five weeks as a peace deal has been reached between the US and Iran. Officials from both nations confirmed that they had agreed on a framework to end hostilities, lift the US blockade on Iranian ports, and reopen the Strait of Hormuz, a key shipping route that handles roughly one-fifth of global oil and LNG trade. The agreement is set to be formally signed in Switzerland on June 19. The reopening of the strait would resume LNG flows from the Persian Gulf, easing supply concerns that have kept gas prices in Europe and Asia elevated for more than three months.
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