Europe’s Gas Crisis Deepens as Hormuz LNG Crunch Drives Prices Higher

European natural gas prices have soared dramatically since the war in Iran trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz. The high prices are creating a headache for governments amid soaring energy bills for households and spiking energy costs for industry. The surge in natural gas, gasoline, and diesel prices in recent months is clearly fueling inflation. The European Central Bank (ECB) has raised key interest rates twice since June, with potential for further increases (although…