European gas markets are under renewed supply pressure, sending the Netherlands-based TTF September contract to just under 60 euros a megawatt-hour and putting it on track for a 6% weekly gain. Volatility is being driven by geopolitical uncertainty around negotiations involving Iran and Oman over the Strait of Hormuz, a key energy shipping route, while EU gas storage is running behind last year at 59% full. Jan-Eric Fahnrich of Rystad Energy said European and Asian markets are again caught in a high-price cycle tied to shifting expectations over Middle East talks. He added that Europe could draw extra U.S. LNG (liquefied natural gas) cargoes from October, along with shipments diverted from Egypt, which may help ease some supply concerns.