European LNG Prices Surge to Over Three-Year High as Hormuz Strait Supply Disruption Looms Over Winter Supply

European LNG prices surged to $22.83 per million British thermal units this week, the highest since January 2023, driven by restricted passage through the Strait of Hormuz and Middle East conflicts disrupting global supply. European inventories remain low with delayed refilling, and Germany's gas storage stands at only about 50%, intensifying winter supply concerns. Goldman Sachs warns that gas prices still have upside room, while recovering Asian demand is further tightening the global supply-demand gap.