30.04.202606:46:57UTC+00UK Natgas Prices at Over 3-Week High

UK natural gas futures climbed to about 117.6 pence per therm, their highest level in more than three weeks, driven by expectations of prolonged disruption in the Strait of Hormuz. President Donald Trump rejected Iran’s proposal to reopen the crucial waterway, choosing instead to maintain a naval blockade to intensify pressure on Tehran over its nuclear program. Iran has warned it will retaliate if the US blockade persists, accusing Trump of using economic coercion to force its capitulation.

With the strait effectively closed for two months, roughly one-fifth of global LNG supply has been constrained. At the same time, weaker demand from Asia has helped ease pressure on European markets by limiting competition for LNG cargoes. National Gas noted that the UK is expected to have sufficient supply to cover summer demand and may even permit some exports to continental Europe. Despite the latest uptick, UK gas prices remain on track for a monthly decline following the sharp rally seen in March.