Benchmark European gas prices dropped sharply on Wednesday morning following U.S. President Donald Trump’s approval of a two-week ceasefire with Iran.

The truce raised hopes for the resumption of oil and liquefied natural gas flows through the Strait of Hormuz, a key global energy transit route.

Data from the Intercontinental Exchange showed that Dutch May gas futures fell by حوالي 18% to €43.80 per megawatt-hour shortly after the market opened.

The decline reflects improved supply expectations and easing geopolitical tensions that had previously driven energy prices higher.