FX.co ★ European Gas Holds Gain Amid Supply Risks

European natural gas prices held near €73 per MWh on Thursday, stabilizing after hitting their highest intraday level since January 2023 in the previous session. Investors continued to assess the risk of further supply disruptions amid renewed US–Iran military exchanges. President Trump said the latest campaign against Iran would be short-lived but warned that Tehran could face severe strikes if tensions over the Strait of Hormuz are not resolved. This escalation represents the most intense round of attacks between the two sides since July, with neither showing a willingness to cede control of the key shipping corridor. Roughly one-fifth of global LNG trade, largely from Qatar, normally transits the strait. With the winter heating season approaching and European gas storage still below typical seasonal levels, the market remains highly sensitive to any sustained interruption of Gulf supplies.