European natural gas prices fell to €74.4 per megawatt-hour on Friday, surrendering part of the previous session’s gains as reports emerged of US-Iran discussions on a phased agreement to reopen the Strait of Hormuz and end the US blockade. The waterway remains a central obstacle in efforts to resolve the nearly seven-month conflict, with neither side prepared to give up control. LNG (liquefied natural gas) shipments from the Persian Gulf remain severely disrupted, increasing competition between Europe and Asia for limited global supplies as Europe rebuilds inventories before winter. European gas storage is just over 70% full, below both the seasonal norm and the region’s target, while maintenance in Norway is further restricting pipeline deliveries. Prices have fallen 0.6% over the week.