Dutch TTF Natural Gas Futures climbed to 42.83 euros per megawatt-hour in early Amsterdam trading, erasing the gains made after last week’s brief optimism regarding U.S.-Iran negotiations. The market remains jittery following conflicting reports about the Strait of Hormuz, where Iran declared the waterway closed while U.S. officials maintained that oil shipments continue to flow. President Donald Trump escalated the rhetoric on Sunday, threatening further military action against Iran should proxies in Lebanon continue to destabilize the region.

Simultaneously, the supply outlook darkened after an explosion at the Ras Laffan Industrial City in Qatar. Qatari authorities confirmed that the blast during start-up operations left at least 54 people injured, with 18 workers still missing. This incident creates a significant bottleneck for global energy markets precisely as Europe attempts to replenish depleted storage sites. While mediators in Switzerland reported progress in U.S.-Iran talks, traders are prioritizing the immediate supply risks posed by the Qatari facility failure and the unpredictable security situation in the Middle East.