According to CoinMeta, institutional analysis indicates that the conflict between the US and Iran, along with low natural gas inventory levels in Europe, have led to European natural gas prices reaching a five-month high. The near-month contract for the Dutch benchmark TTF rose by 0.545 euros to 65.84 euros per megawatt-hour, and at one point during trading it reached 66.09 euros, setting a new intraday high for the past five months. The near-month contract in the UK rose by 1.49 pence to 162.72 pence per British thermal unit, with intraday highs of 163.02 pence also marking a five-month high. Analyst Saku Jussila stated that the market remains bullish regarding disruptions to supplies through the Strait of Hormuz and low inventory levels in Europe during winter. Since the conflict erupted at the end of February, the flow of liquefied natural gas transported through the Strait of Hormuz has been continuously restricted, and European natural gas storage facilities are currently 61.82% full. Analysts at Morgan Stanley say that the window of time to restore inventory levels to normal before the heating season approaches is nearly closed, and a tight supply situation in early winter is almost a foregone conclusion. Even if tensions in the Middle East ease again, this could still support prices in the second half of 2026.