Volatility spikes: European gas prices rise to their highest since the 2022/23 energy crisis
The Middle East crisis has dealt a major supply shock to global natural gas markets. The gradual easing in market balances that had been underway since the second half of 2025 was significantly disrupted by the de facto closure of the Strait of Hormuz following the outbreak of the war in the Middle East at the end of February 2026. The disruption of liquefied natural gas (LNG) flows through the Strait – which had accounted for almost 20% of global LNG supply – has resulted in strong price volatility.
