European gas steadies near €73/MWh as supply risks linger

European natural gas prices steadied around €73 per MWh on Thursday after touching their highest intraday level since January 2023 in the previous session, as investors weighed the risk of further supply disruptions amid renewed US-Iran military strikes.

President Trump said the renewed campaign against Iran would not last long but warned that Tehran could face heavy attacks if the dispute over the Strait of Hormuz remains unresolved.

The latest escalation marked the most intense exchange of strikes between the two sides since July, with neither willing to relinquish control of the strategic waterway.

Around one-fifth of global LNG trade typically passes through the strait, primarily from Qatar.

With the winter heating season approaching and European gas storage levels remaining below seasonal norms, the market remains highly sensitive to any prolonged disruption to Gulf supplies.