European natural-gas prices rose in early trading, with the benchmark Dutch TTF contract up 2.9% at 48.12 euros a megawatt-hour and more than 10% higher on the week. Analysts said the latest escalation between the U.S. and Iran increased concern over fuel supplies ahead of Europe’s heating season, while LNG shipping flows were recovering more slowly than crude oil even after the Strait of Hormuz reopened. ING said the market remained tight during the injection season, with EU storage at 50% versus a five-year average of 66%, and noted that Europe’s LNG imports had fallen as Asian buyers turned more to the spot market amid Persian Gulf disruptions. ANZ also warned that a strengthening El Niño could boost Asian LNG demand through hotter weather and weaker hydro generation, intensifying competition for cargoes and leaving Europe vulnerable to lower storage levels.