30.04.202603:10:15UTC+00TTF Prices Hit Over 3-Week High

European natural gas futures rose to around €47.4 per MWh on Thursday, extending the previous session’s gains and hitting a more than three-week high. The move came as worries deepened over prolonged delays to LNG shipments from the Persian Gulf, amid the ongoing blockade of the Strait of Hormuz. President Donald Trump said he had rejected a recent Iranian proposal to reopen the strait, stating that restrictions on Iranian ports would remain in place until Tehran agrees to a nuclear deal. Iran, in turn, warned it would retaliate if the US blockade continues, accusing Trump of using economic pressure to force its surrender. The strait has now been effectively closed for two months, cutting off roughly one-fifth of global LNG supply. The situation is particularly critical for Europe, which must secure sufficient fuel over the summer to rebuild storage ahead of the next winter season. Despite the latest rebound, European gas prices are still down more than 7% so far in April, following a sharp increase in March.