2026.06.2308:25:59UTC+00UK Natural Gas Prices Fall Further

UK natural gas prices fell further to around 99.2 pence per therm as supply concerns eased following progress in US–Iran negotiations. On Monday, the United States authorized Iranian oil exports under a temporary 60‑day license after what were described as productive talks in Switzerland over the weekend. Shipping activity through the Strait of Hormuz also picked up, with several vessels transiting the key chokepoint on Monday.

However, the picture remained mixed. Iranian media denied US assertions that Tehran had agreed to readmit IAEA inspectors or to accept sanctions relief in exchange for reopening the strait and resuming nuclear inspections.

In Europe, worries persisted over the bloc’s ability to rebuild gas inventories ahead of next winter. Storage sites are currently about 46.4% full, below the five‑year seasonal average of more than 50%. This left the market exposed, particularly as forecasts for hotter weather across Europe were expected to drive up demand.