European natural gas prices rose toward €74/MWh on Thursday after reaching a three-week low, as uncertainty over diplomacy surrounding the Middle East conflict clouded the possibility of reopening the Strait of Hormuz. Iranian President Masoud Pezeshkian said Tehran would never surrender to the US but remained open to dialogue and diplomacy, while setting conditions for returning to negotiations. The waterway remains largely closed, disrupting LNG (liquefied natural gas) flows from the Persian Gulf. Europe’s gas storage is around 70% full, below the five-year seasonal average and the region’s 80% target, with the winter heating season approaching. Goldman Sachs reiterated that gas prices face upside risks and warned the European benchmark could exceed €100/MWh during peak winter if Gulf LNG exports do not increase.