European natural gas prices climbed to €61.5 per MWh on Tuesday, extending the previous session's rally as expectations for a deal to reopen the Strait of Hormuz weakened. The shift followed a sharper standoff between Washington and Tehran after President Trump called for Iran to compensate for people it has killed in conflicts, while Tehran sought compensation for damage caused by U.S. and Israeli attacks. That impasse has reduced hopes for a near-term recovery in LNG (liquefied natural gas) flows through the Persian Gulf, tightening global supplies, increasing competition with Asian buyers, and making it harder for Europe to rebuild inventories before winter. Storage sites in Europe recently dropped to their lowest seasonal levels since records began in 2009, and traders are also watching extended supply cuts at Norway's Ormen Lange gas field, Europe's largest pipeline supplier, for signs of further price volatility.