European gas extends gains above €62/MWh on Strait worries

European natural gas prices extended gains, rising above €62 per MWh on Tuesday, amid fading hopes for a Middle East peace deal that could facilitate the reopening of the Strait of Hormuz.

President Trump said he was in no rush to resolve the conflict and warned of military action against Oman if it obstructed US efforts to reach an agreement with Iran.

Also, talks between Iranian and Omani officials over a provisional framework to manage shipping through the strait have yet to yield any concrete results.

The continued maritime blockade has delayed LNG shipments from Qatar, limiting supplies available to Europe.

At the same time, intense heatwaves across parts of Europe have boosted gas-fired power demand for air conditioning.

These factors are slowing the pace of inventory replenishment, leaving European storage levels under greater pressure ahead of the winter heating season.