Since the war in the Middle East began and the closed Strait of Hormuz trapped about 20% of daily global LNG flows, Europe\u2019s benchmark gas prices have soared by about 55%. On February 27, the day before the U.S. and Israel started bombing Iran, the front-month futures were trading at $37 (32 euros) per MWh.<\/p>\n
Europe, where gas storage sites are depleted to levels not seen in years after the winter, faces a tough refill season in the spring and summer as spot LNG prices have soared and Asia is beating Europe for spot supply.<\/p>\n Asia gets about 85% of the LNG supply that used to transit the Strait of Hormuz, and while Europe\u2019s direct supply exposure is much lower at about 15%, the price spike threatens to derail the refill season.<\/p>\n No LNG cargo has transited the Strait of Hormuz in over a month, as two vessels carrying Qatari LNG were forced to abandon<\/a> an attempt to exit the Strait of Hormuz in what would have been the first export of Qatari LNG since the war began.<\/p>\n Gas prices could spike even more if the war escalates to U.S. strikes on vital Iranian infrastructure and Iranian retaliation and continued closure of the Strait of Hormuz.<\/p>\n \u201cThe entire country can be taken out in one night \u2013 and that night might be tomorrow night,\u201d President Trump said<\/a>, referring to Iran, at a White House press conference on Monday night.<\/p>\n By Tsvetana Paraskova for Oilprice.com<\/a> <\/p>\n More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"European natural gas futures opened higher on Tuesday as markets are awaiting developments in Iran after U.S. President…\n","protected":false},"author":2,"featured_media":569873,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,251374,251370,251375,208353,251373,227834,251376,210369,251372,251371],"class_list":{"0":"post-569872","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-european-energy-crisis","10":"tag-european-natural-gas-prices","11":"tag-gas-storage","12":"tag-iran-sanctions","13":"tag-lng-supply-disruption","14":"tag-middle-east-war","15":"tag-natural-gas-market","16":"tag-strait-of-hormuz","17":"tag-trump-iran-deadline","18":"tag-ttf-gas-futures"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/569872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=569872"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/569872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/569873"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=569872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=569872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=569872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/book.jpg\"\/)
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