European natural gas prices continued to climb as concerns grew that Middle East tensions could escalate again, with little substantial progress seen in peace agreement negotiations. Benchmark futures rose for a second consecutive session, hitting a two-week high. Earlier reports indicated that U.S. President Donald Trump would receive a briefing on new military options against Iran on Thursday. At the same time, oil prices reached their highest intraday level in four years. Trump also stated that he had rejected a recent Iranian proposal to resume navigation through the Strait of Hormuz—maintaining a maritime blockade of Iranian ports until a nuclear agreement is reached. Since hostilities broke out in late February, the Strait of Hormuz has effectively been closed, disrupting roughly one-fifth of global liquefied natural gas (LNG) shipments and driving up prices. Many traders have reduced their natural gas positions, while spot markets are bracing for more intense supply competition this summer between major energy importers in Europe and Asia. ING strategists Warren Patterson and Eva Manthey noted in a report, "The market has lost confidence in a swift restoration of energy flows through the Persian Gulf." However, compared to oil prices, the rise in natural gas prices has been more "moderate," influenced by seasonal demand weakness and the fact that they "have not yet fully reflected the severity of LNG supply disruptions."