Benchmark Dutch and British wholesale gas prices traded in a narrow range on Tuesday morning after Iran rejected a US proposal brokered by Pakistan for an immediate ceasefire and the lifting of its effective blockade of the strait, while a US deadline loomed to open the strait.
The benchmark Dutch front-month contract at the hub was €0.19 higher at €50.24 per megawatt hour (MWh), or $17.03/mmBtu, by 08:09 GMT, ICE data showed.
The British April contract was up 0.46p at 127.36p per therm.
On Monday, US President Trump said, “the entire country can be taken out in one night and that night might be tomorrow night.” He vowed to destroy Iranian power plants and infrastructure if Tehran refused to agree before the deadline.