UK Natural Gas Futures Fall to 2-Week Low in General Energy News 07/05/2026 UK natural gas futures dropped more than 9% to around 104 pence per therm, the lowest level in two weeks, tracking a broader decline in energy markets as optimism grew over a potential end to the Middle East conflict and a reopening of the Strait of Hormuz. Reports indicated the US and Iran are close to a preliminary agreement that could lead to wider nuclear talks, raising hopes of de escalation and easing supply disruption risks. President Donald Trump also announced a temporary halt to “Project Freedom,” a military operation aimed at securing shipping through the strait, citing progress in negotiations. The conflict and near closure of the key route had removed about a fifth of global LNG supply, pushing UK natural gas prices almost 50% higher. While most Middle East gas flows to Asia, the disruption has tightened global supply and increased competition, leaving Europe on alert as it works to rebuild gas inventories ahead of winter. Source: Trading Economics 2026-05-07 hellenicshippingnews... tweet Share