Coal fell to around $140 per ton, pulling back from 17-month highs as energy prices retreated sharply on signs of a potential de-escalation in the Middle East conflict.

President Donald Trump postponed planned strikes on Iran’s energy infrastructure for five days and said productive talks with the country are underway.

However, Iran denied engaging in any negotiations with the US, dismissing Trump’s announcement as an attempt to manipulate financial markets.

Coal prices had surged more than 20% since the Iran war began, as prolonged disruptions to global oil and gas flows forced power generators in major economies to rely more heavily on coal for electricity.

Elevated natural gas prices are also prompting European countries to increase coal-fired generation despite growing output from renewable sources.
Source: Trading Economics