European natural gas prices rose near €69/MWh, the highest level since January 2023, as renewed fighting in the Middle East raised concerns over further delays to LNG exports from the Persian Gulf. Iran said on Sunday that it had launched an attack on US air bases in Jordan, hours after US forces struck two Iranian launchers in the Strait of Hormuz, heightening fears of further disruptions to shipping through the key waterway. The disruptions have already constrained LNG exports from major Gulf producers such as Qatar, tightening supplies to Europe during the critical gas-storage refill season. European gas storage facilities were 63% full in the final week of August, well below historical averages and among the lowest levels recorded for this time of year. Although the European Commission has recently indicated there is no immediate concern over gas supplies or storage levels, the risk remains that intensified competition with Asia for supplies could push prices even higher.