European natural gas prices rose back to around €43.5 per MWh on Thursday, hovering near the highest level in almost three weeks, as increased consumption due to hot weather offset some of the relief from the reopening of the Strait of Hormuz.
Extreme heat continues to bear down on Europe, driving up demand from power generators to meet rising cooling needs.
This comes at a time when the region is struggling to replenish inventories following earlier supply disruptions, with storage facilities currently around 48% full, well below the 56% level recorded at the same period a year ago and the five-year average of 61%.
Meanwhile, President Donald Trump said negotiators had made progress in indirect talks with Iran, signaling that diplomacy was holding despite recent hostilities.