Iranian attacks on Persian Gulf energy infrastructure have triggered a surge in European natural gas prices. The strikes halted production at key liquefied natural gas (LNG) facilities, including a major QatarEnergy plant. Shipping through the Strait of Hormuz is severely disrupted, affecting approximately 20% of global LNG trade.
European gas futures soared over 70% since the conflict began. This supply shock forces Europe to compete with Asia for limited alternative LNG cargoes. EU ministers are now considering emergency measures to manage spiraling energy costs.
Europe remains highly vulnerable due to its increased reliance on LNG after cutting Russian pipeline gas. Current gas storage levels are low ahead of the critical winter replenishment season.