European natural gas prices hovered around €60 per MWh on Wednesday after falling in the previous session, as traders weighed diplomatic efforts to reopen the Strait of Hormuz against ongoing disruption to LNG (liquefied natural gas) shipments from the Gulf. Pakistan’s defense minister said the U.S. and Iran were "close to some sort of arrangement" over the waterway, while talks between Tehran and Oman were also reportedly making significant progress. Even so, the prospect of a swift reopening remained uncertain as both sides adopted firmer positions. The disruption has significantly delayed shipments from Qatar, a major LNG exporter, while analysts say European gas is likely to keep a firm floor until storage levels show clearer progress toward seasonal targets ahead of winter. Hot weather across Europe is also lifting power demand for cooling, adding to price support.