European gas prices hit 3.5-year high as Gulf LNG disruption persists

European benchmark natural gas prices surged 4.5% to $89.1/MWh, the highest in over 3.5 years, as severe disruptions to Persian Gulf LNG supplies continue. The price spike reflects sustained supply tightness, with no immediate resolution indicated. This development underscores Europe's vulnerability to LNG supply shocks and could feed into inflation and industrial competitiveness concerns.