08.04.202613:33:57UTC+00TTF Prices Plunge on US-Iran Ceasefire

European natural gas futures fell 18% to around €44 per MWh on Wednesday, their lowest level in five weeks, after the US and Iran agreed to a two-week ceasefire linked to reopening the Strait of Hormuz. The agreement has eased fears of prolonged supply disruptions, though markets remain focused on how quickly flows can return to normal through a route that accounts for roughly one-fifth of global LNG and oil trade.

In Qatar, efforts are underway to restart operations at the Ras Laffan complex, the world’s largest LNG export facility, which has been offline since early March following Iranian strikes that severely reduced capacity. Engineers have begun preparations, and some production could resume in the coming days, although a full recovery will depend on the safe passage of vessels through Hormuz.

Recent unsuccessful attempts by LNG tankers to transit the strait underscore the continuing uncertainty. Iran has signaled that access will be conditional, while the US is pressing for a full and immediate reopening.