Why did European natural gas futures fluctuate after Trump's announcement about the Strait of Hormuz?

European natural gas futures fluctuated because President Donald Trump announced the US would begin guiding neutral ships through the Strait of Hormuz — a critical chokepoint effectively closed since late February, which had choked off a fifth of the world’s liquefied natural gas supplies and driven prices higher; the initial market reaction was a 2.8% price drop on hopes of eased supply constraints, but those losses were erased and prices rose 0.5% as doubts emerged over the plan’s viability after a tanker was reportedly hit by projectiles near Fujairah.

What is the current status of the Strait of Hormuz and how has it affected global LNG supply?

The Strait of Hormuz has been effectively closed since the war began at the end of February, choking off a fifth of the world’s liquefied natural gas supplies; although most Middle Eastern gas normally goes to Asia, the disruption has threatened to intensify competition for the limited global pool of seaborne supply, contributing to elevated European gas prices that have risen for two consecutive weeks.

European Gas Futures Fluctuate With US Hormuz Plan in Focus

May 3, 2026

European natural gas prices fluctuated after President Trump proposed guiding neutral ships through the Strait of Hormuz, amid ongoing concerns over global LNG supply disruptions.

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European Gas Futures Fluctuate With US Hormuz Plan in Focus

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