FX.co ★ TTF Prices Rise for 2nd Session

European natural gas futures climbed more than 5% to around €42.3 per MWh on Tuesday, building on a 3.9% advance in the previous session, as markets focused on the prospect of US–Iran talks ahead of a fragile ceasefire deadline. Iran has yet to confirm its participation in negotiations planned in Pakistan, with major sticking points still unresolved, including access to the Strait of Hormuz.

The conflict has already triggered a global energy crisis that could deepen if hostilities escalate. President Donald Trump said Vice President JD Vance is prepared to join the talks but stressed that Washington will not rush into an agreement and is prepared to resume military action if necessary.

The near-closure of the Strait of Hormuz has severely disrupted LNG shipments, curtailing roughly one-fifth of global supply. Shipping traffic remains largely at a standstill following renewed attacks, with several Qatari LNG tankers unable to transit the waterway and exports from the region effectively halted since late February.