European natural gas prices experienced a significant decline, as an agreement between the United States and Iran for a two-week ceasefire could lead to the temporary reopening of the crucial Strait of Hormuz, alleviating tensions in the global energy market.

The benchmark natural gas futures contract fell by as much as 20%, reaching its lowest level since the outbreak of the war. US President Donald Trump agreed to halt bombing campaigns against Iran in exchange for the latter allowing the safe passage of vessels through the Strait of Hormuz. Tehran indicated that this outcome is achievable through coordination with the Iranian armed forces, although specific details have not yet been disclosed.

At 8:02 AM Amsterdam time, the European benchmark, the Dutch TTF front-month futures contract, was down 18%, trading at 43.70 euros per megawatt-hour.