European natural gas prices climbed above €64 per megawatt-hour on Wednesday, reaching their highest level since January 2023 as worries over winter supply tightened. The market was driven by a lack of progress toward reopening the Strait of Hormuz, a critical shipping route for LNG (liquefied natural gas), after President Donald Trump said no talks with Iran are taking place or scheduled and that the US naval blockade remains in full force. He also said the strait is open and operating, while Iran maintains that the waterway will stay closed until Washington meets its conditions. With traffic through Hormuz at a standstill, Qatari LNG tankers have been stranded and deliveries to Europe delayed. Lower inflows, combined with summer heatwaves that are lifting gas-fired power demand for cooling, are slowing the usual refill of storage sites. Traders are increasingly concerned that Europe could head into the winter heating season with inadequate reserves, a risk that is keeping upward pressure on prices.