2026.03.3011:51:33UTC+00TTF Prices Edge Up

European natural gas futures inched up to around €55 per MWh, as mounting supply risks counterbalanced softer demand and kept geopolitical tensions at the forefront. President Donald Trump signaled that a deal to halt military operations in Iran is likely, yet he warned of major strikes on critical energy infrastructure, including Kharg Island, if the Strait of Hormuz is not reopened.

Energy markets had already spiked earlier after additional US troops were deployed and Iran-backed Houthi forces in Yemen entered the conflict, launching attacks on Israel and intensifying concerns over potential supply disruptions. Typically, about one-fifth of global LNG flows through the Strait of Hormuz, but traffic has almost ground to a halt since late February.

While heightened geopolitical risk is providing a firm floor under prices, the upside has been tempered by milder weather and robust renewable power generation in Europe, both of which are curbing demand. Even so, prices remain more than 70% higher than in March, as the ongoing conflict continues to pressure key supply routes.