European natural gas contracts traded near flat on Tuesday, consolidating close to five-month highs after a 7% weekly rally. Dutch front-month futures and equivalent British wholesale contracts were virtually unchanged as Washington’s latest sanctions package against Tehran failed to produce immediate supply shocks. The measures largely reinforced existing restrictions on Iranian shipping and technology rather than imposing new maritime blockades or immediate vessel seizures in the Persian Gulf. Brent crude fell back to about $91.50 a barrel, reducing the immediate risk of a broader energy cost shock, although unresolved transit risks through the Strait of Hormuz continue to support European gas prices. Europe’s supply position remains fragile before the autumn heating season, with EU underground storage slightly above 60% of capacity. High summer demand for air conditioning and stranded Qatari LNG (liquefied natural gas) shipments have weakened the seasonal restocking process.