The price of natural gas is falling sharply in Europe after the ceasefire in the Middle East
The price of natural gas registered a sharp decline in Europe on Wednesday morning, after Washington and Tehran announced a cease-fire for two weeks, AFP and Agerpres report.
Shortly after the start of trading at the TTF gas hub in Amsterdam, where Europe's benchmark prices are set, natural gas futures were down 19.24% to 43 euros per megawatt-hour (MWh), after earlier dropping more than 20% to 42.5 euros per MWh.
Thanks to these decreases, the price of gas is approaching the level of 31.6 euros per MWh, which was recorded on February 27, the day before the United States and Israel started the war against Iran. During this period, the price of gas rose sharply, reaching up to 72 euros.
“I agree to suspend bombing and attacks against Iran for two weeks,” the US president said on his Truth Social platform just over an hour before his ultimatum expired.
For its part, Tehran announced negotiations with the US side to end the war starting Friday for two weeks, agreeing to reopen the Strait of Hormuz if the Israeli-US attacks stop.
About a fifth of the world's crude oil normally passes through this strategic waterway.
