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2026.08.0306:31:10UTC+00UK Natural Gas Slides After Trump Halts Iran Strikes

UK natural gas prices fell more than 4% to around 138 pence per therm on the first trading day of August, their lowest level in over two weeks. The decline followed President Donald Trump’s decision to cancel a planned weekend strike on Iran, after saying Tehran and other Middle Eastern countries had assured him they were working toward an agreement. Trump indicated that talks between the parties are scheduled to start on Monday.

The announcement eased market tensions after several days of escalating geopolitical risks that had driven energy prices sharply higher. UK natural gas prices had surged more than 38% in July as renewed conflict intensified fears over LNG shipments from the Persian Gulf and Europe’s capacity to rebuild gas inventories before winter.

By the end of last month, European gas storage facilities were about 55% full—well below both the five-year seasonal average and the level at the same point a year earlier—leaving inventories trailing the pace required to reach pre-winter targets ahead of the November heating season.

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