About the agreement of the parties to a ceasefire on the night of the European time wrote US President Donald Trump. The Russian RBC confirmed this information with reference to the Iranian Press TV channel, which announced a ceasefire in the conflict with Israel. Later, the truce was also confirmed by the Israeli side.
According to RBC, on this news, the gas price fell to €35.75 per 1 MWh, or $436.15 per 1,000 cubic meters, at the beginning of trading on the TTF.
The drop in gas prices at the beginning of trading was welcomed with relief in many European countries. After all, fuel reserves for winter are being formed now, and expensive gas affects current and future inflation.
And in recent days, due to the sharp aggravation of the situation in the Persian Gulf region, prices for energy carriers, including oil and gas, have increased significantly. And experts had reasonable fears that in case of prolongation of the conflict and its aggravation, prices may rise even more – above $100 per barrel of oil and up to $1,000 per 1,000 cubic meters of gas.
Such a scenario was quite realistic in case of Iran’s closure of the Strait of Hormuz, through which up to 20% of the world’s oil exports and up to 30% of liquefied natural gas passes. The Iranian parliament even voted for the closure of the strait, but this threat was not realized.
The further development of the situation in the Middle East is still difficult to predict. Along with statements about readiness for truce, Israel and Iran continue to strike each other, as well as to exchange bellicose threats. And the markets are very sensitive to this.
