European natural gas prices steadied at €79/MWh on Thursday, hovering close to its highest level in more than three years, amid rising concerns over the region’s gas supply outlook. European gas inventories remain below historical norms as escalating attacks in the Middle East continue to disrupt LNG shipments through the Strait of Hormuz, a critical route handling roughly 20% of global gas flows, mainly from Qatar. In the latest development, Iran said it had attacked 10 ships near the strait and warned it would step up strikes if Washington continued attacks on its territory, raising fears of deeper and more prolonged supply disruptions. Meanwhile, maintenance in Norway and lower Algerian flows to Italy are also limiting pipeline supplies to Europe. These supply risks come as Europe nears the end of its summer storage injection season, threatening to further intensify competition for global gas supplies during the winter.