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European natural gas prices extended rally, climbing above €70/MWh on Tuesday, the highest level since January 2023, as the flare-up in US-Iran tensions heightened concerns over Europe’s gas supply security heading into the heating season. The US and Iran exchanged strikes for the first time in a month over the weekend, threatening to prolong the effective closure of the Strait of Hormuz, through which roughly one-fifth of global LNG trade normally passes. The prospect of sustained disruption has intensified competition with Asian buyers, tightening supplies bound for Europe during the critical gas-storage refill season. EU gas storage facilities were around 64% full, below historical levels for this time of year. Low storage levels and uncertainty over LNG supplies from the Persian Gulf are putting upward pressure on prices, offsetting milder weather forecasts for early September that could limit near-term demand.
