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European natural gas prices held above €68/MWh, the highest level since January 2023, as fresh US measures against Iran intensified concerns over further disruptions to energy supplies from the Persian Gulf. The US Treasury said expanded secondary sanctions would target Iran’s digital assets, technology, gold, aviation and shipping sectors. It also imposed new sanctions on nearly 60 entities, individuals, and vessels allegedly involved in generating oil revenues for Iran, procuring weapons, and supporting cyber operations. These developments have added to already elevated supply risks in Europe, where the continued blockade of the Strait of Hormuz has constrained LNG deliveries from Qatar. The disruption has coincided with stronger cooling demand amid persistent heatwaves, making it more difficult for Europe to rebuild gas inventories and heightening fears that the region could enter the winter heating season with insufficient supplies.
