The European network of gas transmission system operators said on Thursday that the escalating conflict in the Middle East, stemming from the US-Israeli war on Iran, is reducing global supplies of liquefied natural gas (LNG) and limiting Europe's ability to refill its storage tanks. Stocks, depleted over the summer, have reached their lowest level since 2022. Piotr Kos, the network's CEO, while presenting the group's summer supply forecast, said: 'Europe is entering the storage filling season, but the war has led to the closure of the Strait of Hormuz. This narrow waterway normally carries about 20% of global LNG supplies, which has led to the halt of most vessels and pushed gas prices higher.'
