European natural-gas prices rose more than 4% and briefly exceeded €74 per megawatt-hour as escalating U.S.-Iran tensions around the Strait of Hormuz threatened liquefied natural gas supplies and broader energy flows. Brent crude traded near $97 after moving above $90 and gaining nearly 10% the previous week, while West Texas Intermediate reached $92.64. Stronger Chinese crude imports added demand pressure, and market pricing indicated higher odds of new oil highs. European stocks opened lower, while Goldman Sachs outlined a bullish $120 crude scenario if maritime attacks intensify and shipping security deteriorates, or an $80 scenario if regional exports normalize. The bank favored long positions in international natural gas and refined products such as diesel over direct crude exposure because supply disruptions are typically more pronounced in those markets. Vessel traffic through Hormuz fell sharply, and European gas storage was about 62% full, 17 percentage points below its five-year seasonal average, increasing winter price and inflation risks.