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European natural gas prices are heading for their first weekly gain in three weeks, with European futures rising by 0.09% to €48.91 per megawatt-hour, following a previous decline. Uncertainty remains over the possibility of reaching a peace agreement between the United States and Iran, along with escalating fighting in the Middle East and the closure of the Strait of Hormuz. Prices have nearly doubled since the end of last week amid concerns over gas supplies and the replenishment of storage facilities ahead of winter, especially given the continued closure of the strait and rising demand for gas in Europe.
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