European natural gas prices climbed in early August as talks between Iran and Oman over shipping arrangements in the Strait of Hormuz failed to generate optimism about a return to normal LNG flows. Dutch TTF benchmark prices hovered between 56 and 61 euros per megawatt-hour around August 10. The Strait of Hormuz, through which roughly 19-20% of all global LNG trade passes, has seen significant curtailment since February 2026 due to Iranian military actions and subsequent US responses. European gas prices surged 44% between February and May 2026, and the market remains structurally tight despite current price stabilization. Negotiations are reportedly in their « final stages » but Iranian officials have explicitly ruled out any full reopening of the waterway.
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