European natural gas prices climbed more than 2% to €67.5/MWh, their highest level since January 2023, as investors awaited details of a US plan to economically isolate Iran. Treasury Secretary Bessent is scheduled to hold a press conference later today and has threatened to impose “the toughest sanctions in history” on Iran, after President Trump last week threatened sanctions against countries that continue trading with Tehran. Iran dismissed the threats as a sign of desperation and said new sanctions would fail to defeat Tehran. Ongoing 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 ahead of winter.