European natural gas prices climbed to €75 per megawatt-hour on Wednesday, their highest level since January 2023, as escalating hostilities between the United States and Iran raised concerns about a prolonged disruption to liquefied natural gas (LNG) supplies from the Persian Gulf. Iran retaliated against US military bases in Jordan, Kuwait and Bahrain after the latest US attacks on Iranian targets near the Strait of Hormuz. President Trump said those attacks followed Iranian attempts to lay mines in the waterway and an earlier assault on a US base in Jordan. LNG flows through the strait were almost halted, tightening the market and prompting European buyers to compete more aggressively for alternative cargoes ahead of the winter heating season. Storage levels in Europe remain below their usual seasonal levels, leaving the region more exposed to sharper price volatility if the disruption persists into colder weather.