European gas prices plunge 12% after Israel-Iran ceasefire

Benchmark natural gas futures on the Dutch TTF hub fell more than 12% to €35.3/MWh, ICE data showed on Monday. Prices dropped by €5 overnight, marking the lowest level since June 11 — before the escalation between Israel and Iran.

According to ExPro, the market reacted sharply to U.S. President Donald Trump's announcement of a ceasefire between Israel and Iran. The decline reversed gains triggered by conflict-related supply fears.

The European gas market remains well supplied, with steady pipeline flows from Norway and liquefied natural gas (LNG) shipments unaffected by the crisis. No disruptions are expected through the Strait of Hormuz following the truce.

Israel is also expected to resume production at its gas fields and restart exports to Egypt, potentially reducing Egypt’s LNG spot purchases.

Crude prices also fell earlier today, with Brent slipping to $67.6 per barrel and WTI to $64.6.

N.Tebrizli