FX.co ★ TTF Prices Tumble on US-Iran Peace Deal

European natural gas prices fell more than 5% to around €44 in early Asian trading, the lowest level in five weeks, after the US and Iran reached an agreement to end hostilities and reopen the Strait of Hormuz. President Donald Trump said he would authorize the “toll-free reopening” of the crucial shipping corridor and lift the blockade on Iran, with the strait expected to reopen once the deal is formally signed in Switzerland on Friday. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the agreement, while noting that the full text would be released only after the signing ceremony. The reopening of the strait would restore LNG shipments from the Persian Gulf, easing supply concerns that have kept natural gas prices in Europe and Asia elevated since March.