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2026-05-28 15:29:34
[US and Iran Send Conflicting Signals, UK Gas Prices Rebound] ⑴ UK gas futures rose above 114 pence per sam, rebounding from a more than two-week low, as conflicting signals from the US and Iran clouded the prospects for a potential agreement. ⑵ Iranian media reported progress on a draft agreement aimed at ending the conflict, but the US subsequently denied these claims. New US strikes on a military facility and other targets near the Strait of Hormuz also highlighted the ongoing risks to negotiations. ⑶ Shipping through the strait has nearly ground to a halt, disrupting about one-fifth of global liquefied natural gas (LNG) supplies and complicating Europe's efforts to replenish relatively low gas inventories before winter. ⑷ Record-breaking high temperatures in the UK have also added a layer of uncertainty to short-term demand.
