European natural gas prices remained near three-week lows on Wednesday as markets weighed conflicting signals about Iran’s potential reopening of the Strait of Hormuz. Front-month Dutch TTF gas fell about 0.6% to €72.90 per megawatt-hour, its weakest level since early September, while UK NBP prices edged higher but stayed near recent lows. Tehran communicated to Reuters that it could facilitate reopening the waterway within a week if the United States reduced its military presence and ended the blockade of Iranian ports, with Iranian representatives at the United Nations General Assembly authorized to resume diplomatic discussions with U.S. officials. A Sept. 22, 2026 post from The Hormuz Letter, however, said Iran rejected claims that it was ready to reopen within seven days, describing them as false, unreliable and inaccurate. The uncertainty has reduced some of the geopolitical risk premium in European gas and global crude markets. Brent crude fell below $100, while Saudi Arabia resumed operations on its East-West petroleum pipeline, which carries crude to the Red Sea while bypassing Hormuz. Europe’s gas storage was about 70% full, below typical seasonal levels, leaving the region vulnerable to colder weather or renewed Middle Eastern supply disruptions. Restricted Hormuz flows have affected some LNG shipments, particularly from Qatar, and Norwegian infrastructure maintenance has recently constrained pipeline supply. Sustained lower energy prices could ease inflation through household, industrial and consumer costs and influence expectations for European monetary policy, while another gas-price surge could support longer-lasting restrictive central-bank policies.