FX.co ★ UK Natural Gas Prices Extend Rebound

UK natural gas futures climbed above 105 pence per therm, extending their rebound from a seven-week low, as peace talks between the US and Iran stalled and the Strait of Hormuz remained effectively closed. Reports indicated that Vice President JD Vance, who had been expected to lead the US negotiating team if talks resumed, canceled a planned trip to Pakistan after Tehran stated that no final decision had been made on its participation. At the same time, President Donald Trump extended the ceasefire with Iran, saying the US would delay further strikes to give Tehran more time to present a proposal to end the conflict. The near shutdown of the Hormuz chokepoint has disrupted roughly one-fifth of global LNG supplies, though softer demand from Asia has eased pressure on European buyers by reducing competition for available cargoes. National Gas also noted that domestic gas inventories are expected to be adequate to cover summer demand and may even support some export flows to mainland Europe.