Europe’s Gas Crisis Deepens as Hormuz LNG Crunch Drives Prices Higher
European natural gas prices have soared dramatically since the war in Iran trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz. The high prices are creating a headache for governments amid soaring energy bills for households and spiking energy costs for industry.
Source: OilPrice.com
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DW NOTE
Qatar ships 30% of the world's LNG through Hormuz. Every day the Strait stays closed is another day Europe scrambles for spot cargoes that aren't coming. The Qataris can't reroute molecules that were designed to sail through a waterway that no longer functions — and European storage, already drawn after a winter that never really ended, isn't going to refill itself.