FX.co ★ European Gas Prices Near 2-Month Low

European natural gas prices declined toward €41 per MWh, extending losses to reach their lowest level in nearly two months. The move came as an interim US–Iran agreement took effect following the remote signing of a memorandum by both sides. Pakistan’s prime minister stated that the agreement will lead Iran to “instantly reopen” the Strait of Hormuz, while the United States will “immediately lift” its naval blockade of all Iranian ports.

The deal also provides for a permanent end to hostilities and launches a 60‑day negotiating period aimed at reaching a final agreement on the future of Iran’s nuclear program. However, Trump warned that he would resume military action if Tehran fails to comply with the terms of the 14‑point memorandum of understanding. In anticipation of the strait’s imminent reopening, several vessels have begun returning to the Middle East, including tankers from Qatar, the world’s second‑largest exporter of LNG.