European natural gas markets experienced sharp intraday swings on Thursday, as traders reacted to a U.S. court ruling that blocked most of President Donald Trump’s global tariffs — a decision that lifted broader market sentiment but introduced fresh uncertainty for fuel dynamics heading into the summer.

The volatility — a hallmark of energy trading since Trump’s April 2 “Liberation Day” executive order imposed sweeping duties on imports — reflected market indecision over how the ruling might impact global demand and LNG trade flows. The U.S. Court of International Trade deemed the majority of the tariffs unlawful on Wednesday, fueling a rally in U.S. stock futures and raising hopes for a potential recovery in industrial and commercial energy demand.

A surprise ruling by the U.S. Court of International Trade temporarily blocking President Donald Trump’s sweeping new tariffs brought a brief sigh of relief to global financial markets on Thursday. But beneath the initial rally lies deepening concern that persistent trade uncertainty and erratic policy shifts could inflict longer-term damage on business confidence and economic growth.

The tariffs—originally unveiled on April 2 as part of what Trump branded “Liberation Day”—had sent markets into turmoil and triggered retaliatory warnings from key U.S. trade partners. In the weeks since, the administration has walked back some of the most aggressive measures, pausing many of the proposed import duties for 90 days while seeking bilateral deals. But progress has been limited, with only the UK reaching an agreement so far.

In a sharp escalation of its technology containment strategy, the U.S. government has instructed a wide range of American and foreign companies to halt certain shipments to China without explicit export licenses—an aggressive move that directly affects sensitive industrial and technology sectors. The action, which includes revoking already-issued licenses, marks the latest U.S. effort to exploit chokepoints in China’s tech supply chain.

The new controls are not sweeping bans, but targeted interventions focusing on critical inputs and design tools vital to China’s high-tech and manufacturing capabilities