The average gas price in European markets over the past month, following the reopening of the Strait of Hormuz, fell by more than six percent compared with May. Details from the “TTF Hub” in the Netherlands—Europe’s largest gas trading and pricing hub—show that the price of one thousand cubic meters of gas was above $613 at the beginning of June and $470 at the end of the month. As a result, the gas price also fell by 23 percent from the beginning to the end of June. Although the Strait of Hormuz is the passageway for one-fifth of the world’s oil consumption, about 300 million cubic meters per day of liquefied natural gas (LNG) from Qatar and the UAE also passes through this strait, accounting for 20 percent of total global LNG consumption.