Iran's blockade of the strategic Strait of Hormuz and the halt of production at Qatari LNG terminals have triggered a sharp spike in natural gas prices on global markets. In just two days, the commodity surged by 75 percent, reaching levels in Europe not seen since 2022. The crisis is hitting Asian and European markets, forcing governments to consider energy rationing and accelerate energy market reforms.
Price Shock on Exchanges
The price of gas in Europe rose by 75 percent in two days, exceeding the level of 60 euros per MWh.
Paralysis of the Strait of Hormuz
Iran has completely blocked the transport route responsible for LNG supplies from Qatar to Europe and Asia.
Energy Rationing
India and Peru have introduced the first consumption limits on gas for the largest industrial plants.
Qatar Halts Production
Beyond LNG, Qatar has limited exports of aluminum and chemicals, hitting global industry.
The situation in the Middle East has escalated sharply after Iran blocked the strategic Strait of Hormuz, a key chokepoint on the global energy transport map. This decision, combined with an attack on Qatar and that country's suspension of liquefied natural gas (LNG) terminal operations, has led to an unprecedented price surge in recent years. Gas contracts in Europe surpassed the 60 euro per megawatt-hour (MWh) barrier, recording a gain of over 20 percent in a single trading session. Experts warn that gas is rising in price much faster than crude oil, due to the high dependence of European and Asian countries on maritime supplies from Qatar. The Strait of Hormuz is the most important waterway for the global oil and gas industry; this narrow strait carries about one-fifth of global oil consumption and a significant portion of world LNG trade.The market shock is already having a direct impact on industry. In India and Peru, the process of gas rationing for industrial consumers has begun, and in Australia, drastic increases in household bills have been announced. In Europe, the situation is complicated by the fact that Norway – currently the main supplier of the commodity to the EU – has declared limited capacity to further increase extraction. The German Minister of Economics warns that gas price increases will immediately translate into wholesale electricity prices, which will hit the competitiveness of the European economy. „Norway's capacity to boost gas deliveries is limited, and the Iran war could reopen the EU debate over Russian gas.” — Minister of Energy of NorwayThe European Commission, in response to the crisis, announced an urgent reform of energy pricing mechanisms to avoid panic similar to that of 2022. Although gas storage in countries like Italy and Germany is currently filled above the seasonal average, a total blockade of supplies from the Persian Gulf could deplete these reserves before the end of the year. The situation is worsened by the fact that Qatar has begun halting production of other key commodities, including aluminum and chemicals, threatening to disrupt global supply chains in the construction and automotive sectors.
Perspektywy mediów: Emphasizes the need for immediate state intervention, protection of the poorest from prices, and acceleration of the transition towards RES. Focuses on energy security, criticism of previous climate policy, and the need to diversify supply sources.