European natural gas prices fell to €77.3/MWh, retreating from an over three-week high after President Trump said the US would not resume military strikes on Iran before November’s midterm elections, easing fears of an escalation in the conflict. However, supply risks persist as Iran stepped up tanker attacks in the Strait of Hormuz, a chokepoint for 20% of global LNG trade, raising concerns over the safety of transits. Meanwhile, cooler weather forecasts for Northwestern Europe could lift heating demand and support gas consumption. While Europe’s gas inventories have risen steadily in recent weeks, facilities are around 73% full, remaining below year-ago levels. The region’s gas network operators said the system is flexible enough to meet winter demand but warned that limited LNG supplies could push storage below 30% by winter’s end, increasing vulnerability to late-season cold snaps. Despite Friday’s pullback, prices are up more than 3% this week, marking a second weekly gain.