European natural gas prices jumped 4% to above €74/MWh on Monday, their highest level in more than three and a half years, amid escalating US-Iran tensions that could further disrupt energy supplies from the Persian Gulf. Iran said it had targeted oil tankers and several US-linked vessels and plans to establish a restricted maritime zone beyond the Strait of Hormuz in the coming days. This followed US strikes on Iranian oil tankers, which Washington said were carried out in retaliation for Tehran’s missile attacks on US Navy warships. The continuing tit-for-tat escalation is heightening concerns that Qatari LNG shipments to Europe could be delayed even further. Europe is approaching the end of its summer storage injection period, with gas storage facilities currently around 62% full, below the five-year seasonal average. This increases the risk of tighter competition for supplies, leaving the region more exposed to price spikes during the colder months.