European natural gas futures slipped to €44.7 per MWh on Monday but remained near their highest level since April 13, as a second round of US–Iran peace talks failed to materialize, keeping tensions around the Strait of Hormuz elevated. Hopes of reviving peace efforts receded over the weekend after US President Donald Trump canceled his envoy’s planned trip to Pakistan, while Iran rejected talks conducted under threat. Both sides continue to maintain restrictions around the Strait, making the key waterway difficult to navigate. LNG exports from the Persian Gulf have effectively come to a standstill since the conflict began in late February, cutting off roughly one-fifth of global supply. Investors are now closely watching Europe’s LNG imports, as the region needs to secure fuel this summer to refill storage ahead of next winter.
