Natural gas prices across Europe fell sharply on Tuesday, dropping 16% to around €47 per megawatt-hour after spiking to a three-year high above €69/MWh the previous day. The retreat came on the back of Trump's comments that the war with Iran would end soon and that the US military campaign was moving considerably faster than originally planned. It marks the steepest single-day decline since 2023. Oil prices mirrored the move, pulling back toward $90 per barrel after briefly surging past USD 119.