US and Iran paused mutual strikes over the weekend, boosting expectations that
Strait of Hormuz energy flows could resume. ICE data at 07:35 GMT showed the
Netherlands TTF near-month contract fell EUR4.69 to EUR58.89/MWh and the UK
near-month contract dropped 11.44 pence to 142.67 p/therm. Prices had spiked
last week to the highest intraday levels since March after 13 days of reciprocal
attacks but eased to six-day lows following the pause. Oil prices also fell
sharply. ING analysts said the move reflects a market eager for positive news,
adding this is the first substantive sign of de‑escalation but the reasons
remain unclear and vessel traffic through the Strait of Hormuz has not yet shown
a meaningful rebound.
