European Natural Gas Prices Hit Three-week High Above €62 Per Megawatt-hour in Iran

European natural gas prices climbed to a fresh high not seen since July 27, with futures on the Amsterdam-based TTF hub rising above the €62 mark. September contracts gained 1.93% to €62.61 per megawatt-hour, as trading continued uninterrupted through Saturday. The rally comes amid stalled negotiations between Iran and Oman over the Strait of Hormuz, a key shipping route for global energy supplies.

U.S. President Donald Trump has threatened to "bomb without mercy" the sultanate if it were to "get in the way" of the conflict with Iran. The market remains under pressure from the ongoing blockade of the strait, which has kept supply concerns elevated and pushed prices to their highest level in over three weeks.