European natural gas prices have climbed to their highest level in more than three years, while abundant U.S. production and milder-weather forecasts have pushed American prices lower. Dutch front-month TTF futures, a European gas benchmark, reached around €73.85 per megawatt-hour on Sept. 2, roughly 25% above their level a month earlier, as renewed U.S.-Iran fighting raised concerns about LNG (liquefied natural gas) shipments through the Strait of Hormuz. U.S. natural gas fell to around $2.86 per million British thermal units on Sept. 1. Europe is also entering winter with gas storage only about 63% full in late August, versus an approximately 80% seasonal norm. At the current injection pace, inventories could begin winter roughly 20% below their five-year average and potentially at their lowest level since 2013. About 20% of global LNG shipments normally pass through the Strait of Hormuz, where the renewed conflict has disrupted shipping and led some Gulf exporters to use unusual ship-to-ship transfers. Coinpaper has tracked the European gas shock since earlier stages of the Iran conflict. In the United States, Lower 48 gas production averaged a record 111.5 billion cubic feet per day in August, surpassing July's previous record. October Henry Hub futures fell 2.5% to $2.861 per million British thermal units on Tuesday. U.S. LNG exports averaged 17.4 billion cubic feet per day in the first half of 2026, up 23% from a year earlier, according to the Energy Information Administration. New capacity at Plaquemines LNG, Corpus Christi and Golden Pass has increased America's ability to supply overseas markets. The resulting split keeps U.S. domestic prices relatively low while higher international prices encourage exporters to ship more LNG abroad. The energy shock is also affecting inflation and financial markets: Eurozone inflation rose to 3.3% in August from 2.9% in July, while energy prices increased 14.3% year over year. Markets broadly expect the ECB to raise its deposit rate to 2.5% at its Sept. 10 meeting. German and U.S. government yields have climbed as investors assess whether central banks may need to keep interest rates higher for longer. Coinpaper has also followed the Iran-driven oil surge's pressure on stocks and the effect of higher energy costs on Treasury yields. The global gas market is now splitting between European scarcity prices and record U.S. supply, with LNG exports providing the main link between the two markets. The longer Persian Gulf supply remains disrupted, the more valuable U.S. export capacity becomes.