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Energy crisis in Europe

Gas price in Europe loses 18% amid news of ceasefire between US, Iran

The price of May futures contracts at the TTF hub in the Netherlands has fallen to around $518 per 1,000 cubic meters

MOSCOW, April 8. /TASS/. The price of gas on the exchange in Europe lost 18% as Wednesday trading opened amid news of a two-week bilateral ceasefire between the US and Iran, according to data from London’s ICE.

The price of May futures contracts at the TTF hub in the Netherlands has fallen to around $518 per 1,000 cubic meters, or 42.905 euro per MWh (based on the current exchange rate of euro to dollar, figures for ICE are presented in euros per MWh).

On Tuesday, US President Donald Trump announced a two-week bilateral ceasefire with Iran. The decision was made in accordance with the proposal by Pakistani Prime Minister Shehbaz Sharif and Iran’s readiness to fully, immediately, and safely open the Strait of Hormuz, the American leader said. According to the Islamic Republic’s state television, Tehran put forward ten conditions for a ceasefire, which the US was forced to agree to. Among them were the principle of non-aggression, Tehran’s control over the Strait of Hormuz, uranium enrichment on the territory of the Islamic Republic, the removal of primary and secondary sanctions, compensation payments, and the withdrawal of US forces from the region.

Sharif invited US and Iranian delegations to Islamabad on April 10 for further negotiations. The US delegation will include Vice President JD Vance, Special Envoy Steve Witkoff, and businessman Jared Kushner, CNN reported.

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