CommoditiesMedium•29 September 2026•
1 min read
Europe Gas Crisis Deepens as 20% of Global LNG Supply Trapped Behind Hormuz
Key Facts
1War in Iran has trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz.
2The ECB has raised key interest rates twice since June to combat inflation fueled by surging energy costs.
War in Iran has trapped a fifth of the world’s liquefied natural gas (LNG) supply behind the Strait of Hormuz, Oilprice.com reported. The restriction of these flows has pushed natural gas prices in Europe and Asia to their highest levels since the 2022-2023 energy crisis, as global buyers compete for supplies that bypass the conflict zone.
The European Central Bank (ECB) has raised key interest rates twice since June to combat inflation fueled by surging energy costs. According to Gas Infrastructure Europe, EU gas storage sites were 71% full as of September 28, 2026, trailing the five-year historical average of 86%, while German storage levels have dropped to approximately 57%.