European natural gas futures plummeted due to the impact of the US-Iran ceasefire agreement.

The natural gas prices in Europe have fallen sharply, and the agreement between the United States and Iran to a two-week ceasefire may lead to the temporary reopening of the important Strait of Hormuz, easing the tense situation in the global energy market. Benchmark natural gas futures dropped by 20% at one point, reaching the lowest level since the outbreak of the war. US President Trump agreed to halt the bombing of Iran in exchange for allowing ships to safely pass through the Strait of Hormuz. Tehran indicated that with coordination with the Iranian armed forces, this could be achieved, but details have not been disclosed. As of the time of writing, European benchmark Dutch near-month futures for natural gas fell by 18%, to 43.70 euros per megawatt hour.