European benchmark gas futures climbed above €85/MWh after a 2.7% rise the prior session as traders assess Middle East conflict risks and regional supply uncertainty. Talks to end the Iran war have made little progress and attacks on tankers near the Strait of Hormuz continued this week. IRNA reported Iran’s top security official denied negotiating with the US and called US claims of Qatar-mediated talks false and intended to depress oil prices. European LNG imports lag year-earlier levels and a

European benchmark gas futures climbed above €85/MWh after a 2.7% rise the prior session as traders assess Middle East conflict risks and regional supply uncertainty. Talks to end the Iran war have made little progress and attacks on tankers near the Strait of Hormuz continued this week. IRNA reported Iran’s top security official denied negotiating with the US and called US claims of Qatar-mediated talks false and intended to depress oil prices. European LNG imports lag year-earlier levels and abnormally low winter stocks are drawing down with the heating season. This winter’s supply balance for Europe hinges on a rapid recovery of Strait of Hormuz shipments, especially Qatari flows. The Iran conflict has removed roughly one-fifth of global LNG exports from the market, forcing Europe to compete with Asia for scarce cargoes; regional gas prices are at their highest since 2022 and more than three times their level at the start of the year.