Hormuz LNG Disruption Drives European Gas Prices Higher, Stoking Inflation

A conflict in Iran has trapped a fifth of global LNG supply behind the Strait of Hormuz, causing European natural gas prices to surge. This is raising energy costs for households and industry, fueling inflation and prompting the ECB to raise rates twice since June with more hikes possible. The situation is developing, with the full impact on supply and prices still uncertain.