European gas prices surged 53% this week after Middle East disruptions halted key LNG routes, threatening to rekindle an energy crisis just four years after Russia’s invasion. Shipping through the Strait of Hormuz stalled, and Iranian strikes forced Qatar, the world’s second-largest LNG supplier, to halt production. The BW Brussels, carrying Nigerian LNG, rerouted to Asia, signaling fierce competition for dwindling supplies.

European gas reserves are 30% full, far below the 45% five-year average, with nations like the Netherlands and Sweden facing critical shortages. Analysts warn refilling storage at current prices would strain economies, particularly in Italy and Germany, which rely heavily on imports. The EU is exploring options, including reviving nuclear power and temporary coal use, though climate policies complicate decisions.