
UK natural gas futures rose above 114 pence per therm, rebounding from a more than two-week low, as conflicting signals from the US and Iran clouded expectations for a potential agreement. Iranian media reported progress on a draft deal aimed at ending the war, though the White House later dismissed the claim as “a complete fabrication.” New US strikes on a military facility and other targets near the Strait of Hormuz also highlighted the continued risks to negotiations. Traffic through the Strait has been at a near-standstill, disrupting roughly one-fifth of global LNG supplies and complicating Europe’s efforts to replenish relatively low gas storage levels ahead of winter. Record-breaking heat across the UK have added a layer of short-term demand uncertainty.

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