2026.07.2807:19:12UTC+00UK Gas Prices Extend Decline

UK natural gas prices fell below 136 pence per therm on Tuesday, extending a decline of more than 8% in the previous session, after President Donald Trump voiced optimism about diplomatic efforts to ease tensions with Iran. On Monday, Trump said the US and Tehran were having “good talks” and that a deal was possible, while warning that US strikes would resume if negotiations collapsed. His remarks came after both sides paused hostilities to create space for diplomacy.

Nonetheless, concerns about Europe’s gas supply remain elevated, with the bloc’s storage levels at risk of missing its winter refill targets. The renewed escalation of conflict in early July derailed the recovery of LNG exports from Qatar, the Middle East’s largest LNG supplier, and with the Strait of Hormuz still largely closed, the timing for additional regional supply reaching global markets remains unclear.