European Natural Gas Prices Plunge 8% as U.S.-Iran Tensions Ease

European natural gas prices plunged by 8.6% at the open in Amsterdam on Monday as the United States paused strikes on Iran over the weekend and Tehran signaled a halt to retaliatory attacks across the Middle East.

Hopes of de-escalation sank oil prices on Monday in Asian trade, too, with Brent Crude dropping to $90 per barrel.

Europe’s benchmark natural gas prices, which had surged in the past two weeks amid the renewed hostilities, retreated on Monday from the multi-month highs of last week, as the market hopes for a diplomatic push to reopen…