European Gas Prices Drop Below USD58
Prices hovered around $58 per megawatt-hour as of 0830 GMT — a notable retreat from the historic peak of $78 recorded just last week, as investor sentiment shifted on emerging reports of renewed efforts to stabilize the region and avert further supply disruptions.
The selloff gained traction after news emerged that Washington is actively pursuing a ceasefire framework to lay the groundwork for broader negotiations. The New York Times reported that the U.S. had formally submitted a 15-point proposal to Iran aimed at resolving the armed conflict, adding further weight to hopes of a diplomatic breakthrough.
U.S. President Donald Trump also stoked optimism, revealing that Tehran had delivered what he described as a "gift" tied to oil and natural gas, and announcing: "They (Iran) have agreed that they will never possess nuclear weapons."
Nevertheless, the broader picture underscores just how dramatically the conflict has reshaped European energy markets. Prices have surged more than 60 percent since hostilities erupted on February 28, reigniting deep anxieties over electricity costs and energy security across the continent.
Wednesday's pullback, while significant, has done little to erase those gains — with prices still far above pre-war levels, analysts caution that European energy markets remain acutely exposed to any fresh deterioration on the geopolitical front.
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