European natural gas futures fell more than 10% to below €50/MWh on Tuesday, pulling back from a three-year high after President Trump suggested the war with Iran could end soon, easing turmoil in global oil markets. Analysts cautioned that a production halt in Qatar, one of the world’s largest LNG exporters, could wipe out most of the global LNG supply surplus anticipated for 2026. Any prolonged disruption would be particularly harmful for Europe, which has grown increasingly dependent on LNG imports after cutting its reliance on Russian pipeline gas. Early indications of regional supply strains are already appearing, with Moldova’s breakaway region of Transnistria warning of potential shortages. Europe’s gas storage levels are currently below 30%, and analysts warned that the region could face significant risks if shipments through the Strait of Hormuz were interrupted for just one month.