European natural gas prices rose as traders weighed the extension of a supply force majeure from Qatar against mixed signals on talks to reopen the Strait of Hormuz. Benchmark futures rose after dropping more than 9% last week. Qatar Energy extended the force majeure on liquefied natural gas supplies to Edison Sp A until December, while Pakistan received an extension into November due to shipping difficulties through Hormuz.

Iran refuses to soften conditions for reopening the waterway after US President Donald Trump rejected its proposal, though negotiations could resume this week. The prolonged disruption threatens global winter supplies, with around a fifth of the world's LNG transiting Hormuz. The European Union has warned member states about a potential energy price crisis, urging demand cuts and continued storage filling.

European gas storage sites are about 71% full, down from a five-year average of 87%, while Germany's facilities are just over 57% full. Analysts project prices could surge above €100 a megawatt-hour if supply disruptions coincide with severe cold spells, or fall if the strait reopens or Qatar finds alternative export routes.