Iran war revives spectre of energy crisis in Europe, fuelling economic anxiety

"The closure of Qatari LNG facilities and disruption in the Strait of Hormuz are affecting a large chunk of global LNG supply," said Elisabetta Cornago, an assistant director at the Centre for European Reform (CER).

"Asia is more dependent on this region's LNG supply than Europe as a whole, but if Europe won't feel the impact in terms of immediate gas shortage, we are heading into storage refilling season, so high prices will raise the cost of those operations."

..."The increase in TTF gas prices has been swift, but in terms of magnitude, we are far away from the price spikes observed in 2022," Cornago added. "How that will evolve will depend on the duration of the war, which is highly uncertain."