European gas prices were set to finish the week higher as renewed Middle East fighting and uncertainty over a US‑Iran peace deal pressured sentiment. European benchmark gas futures rose up to 1.3% on Friday and are nearly 7% higher since last Friday, on track for their first weekly gain in three weeks. Talks to reopen the Strait of Hormuz have made little progress; the waterway has been effectively closed since the conflict began. Violence has resumed and Iran‑backed Hezbollah rejected a US‑brok

European gas prices were set to finish the week higher as renewed Middle East fighting and uncertainty over a US‑Iran peace deal pressured sentiment. European benchmark gas futures rose up to 1.3% on Friday and are nearly 7% higher since last Friday, on track for their first weekly gain in three weeks. Talks to reopen the Strait of Hormuz have made little progress; the waterway has been effectively closed since the conflict began. Violence has resumed and Iran‑backed Hezbollah rejected a US‑brokered Lebanon ceasefire, undermining hopes for de‑escalation. European storage is only slightly above 41%, raising concern about winter refill. If the Hormuz blockade persists, summer competition with Asian buyers for seaborne LNG could intensify and tighten supplies.