European gas markets nudged higher this morning as anxiety over stalled U.S.–Iran negotiations fed fears of extended supply shocks. The front‑month Dutch TTF contract climbed 1.3% to 44.74 euros per megawatt hour, its strongest level in months. Utilities in Germany and Italy, the region’s biggest importers, adjusted their forward bids upward.

Momentum stalled when Kpler data showed a QatarEnergy‑operated LNG vessel exit the Persian Gulf via the Strait of Hormuz on May 9, then reappear off Oman the next day. The ship’s brief loss of AIS transmission mirrored recent transits by ADNOC‑linked tankers that dimmed their signals, suggesting operators are testing the waterway’s openness. Analysts note that the successful crossing may ease immediate concerns but does not guarantee sustained availability.

With European spot prices now edging higher, the limited LNG flow through Hormuz kept the upside in check, leaving the market in a narrow band. Energy firms watching the price curve will weigh the risk of further diplomatic deadlock against the modest gains already baked into contracts, reinforcing a trading stance for the week. The price gap between TTF and Asian spot benchmarks widened slightly, reflecting regional supply differentials.