European natural gas prices rose to €73.7/MWh on Tuesday, hovering at their highest level in more than three and a half years, as LNG supply from the Persian Gulf remained severely disrupted amid heightened US-Iran tensions. The escalation in fighting between the two nations underscored the difficulty of reaching a resolution to the conflict that could reopen the Strait of Hormuz, with Iran on Monday warning that energy infrastructure across the region, including US oil and gas facilities, could be vulnerable to further attacks. Qatar has largely suspended LNG shipments and extended force majeure on cargoes bound for European and Asian markets through the autumn, as shipping disruptions continue along the critical waterway. The reduced inflow has slowed the pace of gas storage injections in Europe, with EU storage facilities around 66% full, below the seasonal average, leaving the gas market increasingly vulnerable as the heating season approaches.