European natural gas prices fell for a second session to around €71.5 per MWh on Friday as investors assessed renewed tensions in the Middle East. The latest flare-up came after a US attack on Iran triggered retaliatory strikes on American bases across the region, sending European gas prices to their highest level in more than three years. Although President Trump indicated that renewed strikes on Tehran would not last too long, tensions remain high around the Strait of Hormuz. The shipping paralysis continues to hamper Gulf LNG supplies to Europe, slowing the pace of inventory replenishment. Europe’s gas inventories for the upcoming winter remain abnormally low, raising the risk of tighter competition and leaving the region vulnerable to price spikes during colder months. Despite the recent decline, European gas prices have climbed more than 6% this week, their fourth consecutive weekly gain.