US-Iran Ceasefire Cuts European Gas Prices by a Fifth

European natural gas (tracked via the Dutch TTF benchmark) dropped to EUR 34/MWh in early July 2026 after the US and Iran agreed a ceasefire, reversing months of geopolitical risk premium. Industrial users and utilities hedging exposure got relief, though prices remain far above pre-2022 levels. Traders price stability as essential: any escalation could quickly rebuild the risk cushion.