European gas futures fall by 10%

European natural gas prices fell during Tuesday’s trading, hitting their lowest level since June 11, prior to the initial Israeli strikes on Iran.

Dutch TTF natural gas futures for July delivery dropped by 9.85% to €36.535 per megawatt-hour at 12:48 p.m. Mecca time, after touching €35.27.

Consulting firm Auxilione warned in its daily market report that any breach of the ceasefire by either party could immediately reignite market concerns, according to Reuters.

This decline follows a recent spike in gas prices to an 11-week high, driven by fears that military actions could lead to the closure of the Strait of Hormuz, potentially disrupting around 20% of global liquefied natural gas (LNG) supplies