FX.co ★ European Gas Prices Rise

European natural gas futures climbed toward €47 per MWh, rebounding after last week’s steep decline amid ongoing uncertainty surrounding a potential US–Iran agreement. Both countries have exchanged messages proposing amendments to a draft deal aimed at extending their ceasefire and reopening the Strait of Hormuz, though it remains unclear whether the negotiations are making substantive progress. Regional tensions have intensified as well, with Israel and Iran-backed Hezbollah in Lebanon trading heavy cross-border fire, and an Iranian ballistic missile striking an air base in Kuwait. The Strait has been largely closed for three months, and the prolonged disruption is fueling concerns that Europe could struggle to replenish its already relatively low gas storage levels ahead of the winter.