European natural gas futures fell 7% to €53.30 per MWh as milder weather and stronger renewable output curbed demand across the region. Despite this retreat, prices remain more than 60% higher for March, marking the steepest monthly gain since September 2021. The surge has been driven by the conflict in the Middle East, which has effectively shut the Strait of Hormuz—a key corridor for roughly one-fifth of global LNG shipments—and forced the closure of Qatar’s largest LNG facility.
The war has now entered its fifth week with no clear signs of de‑escalation, heightening concerns about deeper supply disruptions. President Donald Trump has called on other nations to help secure the strait as Iran continues missile strikes across the Persian Gulf. Earlier reports indicated that Trump was seeking to scale back direct military engagement while increasing diplomatic pressure on Tehran to reopen the Strait of Hormuz.