Oil markets softened on Thursday as optimism around potential progress between the US and Iran continued to improve sentiment. Reports suggesting the US could restart efforts to secure commercial shipping routes through the Strait of Hormuz helped ease immediate supply concerns. However, later reports of targeted strikes near key Iranian shipping areas reminded markets that tensions in the region remain far from fully resolved.

In the UK gas market, spot prices edged slightly higher due to extended maintenance at Norway’s Troll gas field, which tightened short-term supply expectations. Further along the curve, however, prices moved lower as traders reacted positively to the possibility of a peace agreement between the US and Iran, reducing some of the geopolitical risk currently priced into the market.