The United States said the talks with Iran were "productive," and European natural gas prices fell back.

President Donald Trump said the US will not attack Iran before the November midterm elections, citing "productive negotiations" between Washington and Tehran, sending European natural gas prices lower. Benchmark futures fell as much as 3.3% in early Friday trading, erasing gains from earlier in the week. Trump's remarks fueled market expectations that Middle East tensions may ease temporarily. Iran had been repeatedly attacking oil tankers in the Strait of Hormuz, driving energy prices higher again. European natural gas futures remain more than double their level before the Iran conflict. Europe is running short of time to replenish unusually low gas storage inventories before winter. If energy flows through the Strait of Hormuz are not restored, the region will have to compete even more fiercely for gas supplies during the heating season.