European gas plunges 8% on U.S.-Iran deal optimism

Dutch TTF futures dropped over 8% to €46-48/MWh as Treasury Secretary Scott Bessent said the U.S. Is "nearing the end of the war in Iran" and expects gas prices "with a three in front of it." The move reflects Europe's heavy reliance on LNG imports after cutting Russian pipeline gas, making the continent vulnerable to Hormuz disruptions that affect Qatari LNG flows. Oil prices fell below $100/bbl on the same headlines as traders priced in potential Iranian supply returns and normalized shipping costs. European utilities face margin relief, but volatility remains elevated with no final deal signed.