European natural gas prices rose above €82/MWh on Friday, their highest level since December 2022, amid persistent disruptions to LNG supplies from the Persian Gulf. Fighting between the US and Iran has intensified over the past two weeks, centering on who controls the Strait of Hormuz. The ongoing blockade has already disrupted around 20% of global LNG flows, primarily affecting shipments from Qatar. Europe has struggled to rebuild its depleted inventories, with storage sites around 67% full, the lowest level for this time of year in records dating back to 2009. While the European Commission said there is no immediate risk to gas security this winter, a sustained disruption to Gulf LNG supplies could further tighten global supply and force Europe to compete more aggressively with Asia and other buyers for alternative cargoes, potentially driving prices even higher as heating demand begins to increase. European gas prices have surged over 14% this week, marking their fifth weekly gain.