European natural gas prices fell below €72 per megawatt-hour on Tuesday after rising in the previous session, as traders assessed winter supply risks from continuing disruptions to LNG flows through the Strait of Hormuz. The United States and Iran remained far apart on an agreement that could reopen the waterway, with Tehran retaining conditions rejected by President Trump. QatarEnergy extended force majeure on LNG deliveries to Italy’s Edison through early December. European storage was around 71% full, below the five-year seasonal average of 87%, while Germany’s facilities were just over 57% full. Competition with Asia and maintenance on Norway’s gas infrastructure are adding to the pressure. The latest market move follows an earlier surge of more than 100% since military operations involving Iran began in late February, prompting EU Energy Commissioner Dan Jorgensen to warn of a price crisis. Europe has no immediate physical supply deficit, but low inventories and uncertain Gulf flows could increase volatility as the heating season approaches.