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CommoditiesMedium•4 May 2026•

1 min read

European Gas Prices Swing as Iran Rejects Trump's Hormuz Plan

Key Facts

1Dutch TTF natural gas futures erased a 3% opening loss to trade 1.3% higher at $39.67 per megawatt-hour.

2The price swing followed Iran's rejection of President Trump's plan to guide ships through the Strait of Hormuz.

European benchmark natural gas prices experienced a volatile trading session, with Dutch TTF futures erasing an initial 3% loss to trade 1.3% higher. Prices reached $39.67 per megawatt-hour as geopolitical friction intensified regarding critical energy transit routes. This reversal followed Iran's formal rejection of President Donald Trump's proposal to escort and guide ships through the Strait of Hormuz. Initial market optimism regarding the de-escalation plan faded quickly, renewing fears of potential energy supply disruptions. The price swing underscores the high sensitivity of European energy markets to security developments in the Middle East. Traders are now pricing in an increased risk premium as the standoff over the strategic chokepoint continues. Future price action remains highly dependent on further diplomatic or military developments in the region.