European natural gas prices fell sharply Friday, with Dutch TTF and UK NBP futures each declining 3.2% as traders locked in gains after several weeks of increases. Weekly losses exceeded 8%, marking the contracts’ steepest pullback since mid-June. Reports of diplomatic communications between Washington and Tehran over reopening the Strait of Hormuz reduced fears of a major supply disruption and compressed the security premium in Persian Gulf energy markets. Iran’s Foreign Minister Abbas Araghchi said the strait could reopen by the end of a seven-day period if certain conditions were met, with broader negotiations also resuming, according to a Financial Times report cited by Coin Bureau on September 25, 2026. LNG carriers have also begun using alternative routes around the Arabian Peninsula. The market remains exposed to supply risks: EU gas storage is about 70% full, roughly 12 percentage points below last year, while Norwegian pipeline maintenance is limiting deliveries. European buyers are competing with Asian purchasers for spot LNG cargoes ahead of winter. TTF prices closed below €73 per megawatt-hour, although they remain substantially above earlier 2024 benchmarks. Analysts indicate that a durable U.S.-Iran agreement on strait navigation could bring further price moderation, while gas prices are likely to remain sensitive to diplomatic developments.