European natural gas prices held near multi-year highs at around €65.8/MWh on Monday as investors awaited details of a U.S. plan to economically isolate Iran. Treasury Secretary Bessent is due to hold a press conference later today and has threatened "the toughest sanctions in history" against Tehran, after President Trump last week threatened sanctions on countries continuing to trade with Iran. Tehran dismissed the threats as a sign of desperation and said the sanctions would fail to defeat it. Tensions have kept the Strait of Hormuz largely closed, delaying Qatari LNG (liquefied natural gas) deliveries to Europe. Heatwave-driven cooling demand has also slowed inventory replenishment, increasing pressure on European gas storage before winter.