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European natural gas futures were steady around €42 per MWh on Wednesday, holding their recent gains as uncertainty grew over a potential second round of US–Iran peace talks and the continued disruption at the Strait of Hormuz. Expectations that US Vice President JD Vance would lead the American negotiating team were dampened after he canceled a planned trip to Pakistan, following Iran’s statement that no final decision had been made on its participation in new talks.
At the same time, President Donald Trump announced an extension of the ceasefire with Iran, saying Washington would give Tehran additional time to present a proposal to end the conflict. However, supply risks remain elevated as the Strait of Hormuz remains closed to shipping. Iran has said it will not reopen the vital waterway as long as the US maintains restrictions on vessels traveling to and from the country.
The ongoing closure has severely disrupted LNG exports from the Persian Gulf, cutting roughly one-fifth of global supply and underpinning elevated prices in European gas markets.
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