Traders weighed conflicting signals from Washington and Tehran as disruptions affecting roughly one-fifth of global LNG supply deepened concerns over Europe's winter stockpiles.
European natural gas prices held around €58 per megawatt-hour on Tuesday after falling in the previous session, with the market focused on Middle East negotiations that could determine whether the Strait of Hormuz reopens. President Donald Trump said his latest offer of talks was Iran's "last chance" to secure a deal and avoid large-scale air strikes, while Tehran denied talks with Washington but said discussions with Oman were making progress to help shipping through the strategic passage. The conflict has disrupted about one-fifth of global LNG (liquefied natural gas) supply, tightening competition between European and Asian buyers for cargoes. That strain has also made it harder for Europe to refill storage before winter, leaving inventories at their lowest level for this point in the year in nearly two decades and raising fresh concerns about supply security.