March 10, New Delhi — European gas prices plunged by around 15 percent on Tuesday following signals from US President Donald Trump that the US-Iran conflict could end sooner than anticipated.
The Dutch Title Transfer Facility (TTF) natural gas contract, considered the European benchmark, fell to approximately €48, after a sharp rise the previous day.
Oil prices declined on Tuesday after reaching their highest level in over three years in the previous session, as US President Donald Trump predicted that the conflict in the Middle East could soon end, easing concerns about prolonged disruptions to global oil supplies.
Oil prices surged past $100 a barrel on Monday, reaching session highs of $119.50 for Brent and $119.48 for West Texas Intermediate (WTI), their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the escalating US-Iranian conflict stoked fears of major disruptions to global supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick resolution to the Iran conflict, according to a Kremlin aide, easing concerns about a prolonged supply disruption.