European natural gas prices held around €73 per megawatt-hour on Thursday after reaching their highest intraday level since January 2023 in the previous session. Investors are assessing the risk of further supply disruptions following renewed US-Iran military strikes. President Trump said the campaign against Iran would not last long, while warning Tehran could face heavy attacks if the dispute over the Strait of Hormuz remains unresolved. The escalation was the most intense exchange of strikes between the two sides since July, with both continuing to contest control of the strategic waterway. About one-fifth of global liquefied natural gas (LNG) trade typically moves through the strait, mainly from Qatar. Approaching winter heating demand and European gas storage below seasonal norms are keeping the market sensitive to any prolonged interruption to Gulf supplies.