European Gas Prices Fall as U.S.-Iran Talks Expectations Rise

European natural gas prices fell as market expectations grew that the United States and Iran could resume diplomatic contact to end the conflict. According to Sina Finance, the benchmark European gas futures contract retreated after rising more than 4% last Friday, following oil prices lower. U.S. President Donald Trump said in a Fox News interview that he was "possibly" willing to meet Iran's president in New York during this week's United Nations General Assembly. Other Gulf leaders also plan to meet Trump there. Diplomatic progress is expected to lift market optimism about the Strait of Hormuz, where liquefied natural gas shipments have been severely disrupted since March. Brad Cooper, commander of U.S. Central Command, said over the weekend that the volume of crude oil and liquefied natural gas moving through the key waterway has recovered, even as Europe still faces tight supply ahead of the heating season.