The price of one thousand cubic meters of gas in European markets has reached $720, which is nearly double the level before the war in the Middle East in February of this year.

The Islamic Republic has disrupted the global LNG supply by blocking the Strait of Hormuz and attacking Qatar’s liquefied natural gas facilities.

Although most of Qatar’s LNG goes to Asian markets, this country’s 20% share of global liquefied natural gas supply has meant that disruption to its exports has caused a global gas shortage and, as a result, a significant increase in gas prices in all markets.

According to official figures, inventories in underground gas facilities of the European Union are only 58% full, and increasing storage volumes for the cold seasons is vital.

Although the price of gas in European markets has surged sharply, it is still several times lower than the peak prices in August 2022—several months after Russia’s military invasion of Ukraine—when prices had risen to as much as $3,000.