But while gas shortages are unlikely in Europe this winter, the price of the fuel remains a worry.
According to S&P Global, about one-fifth of global LNG supply travels through the channel on Iran’s south coast.
In a less jittery market, neither incident may have had the effect it did, helping boost European gas prices by more than 40% over the course of a single week.
High gas prices have presented a persistent economic headwind for Europe's biggest economy due to its reliance on energy-intensive industries.
Together, these milestones should push European gas prices down to €30 ($32) per megawatt hour by the end of next year, Weatherburn added.
Persons:
Asia —, Soeren, ”, Jack Sharples, Heikki Saukkomaa, Simone Tagliapietra, Bill Weatherburn, Stefan Sauer, Weatherburn, “
Organizations:
London CNN, European Union, International Energy Agency, EU, Getty, “, Oxford Institute of Energy Studies, CNN, Hamas, P, Chevron, Egyptian, Steam, ”, Capital Economics, Qatar, Energy
Locations:
Russia, Moscow, Ukraine, Europe, North America, Asia, Norway, Hungary, Austria, Azerbaijan, Algeria, Germany, Israel, Gaza, Hormuz, Jordan, Egypt, Cairo, Estonia, Australia, AFP, “, ” Europe, France, Italy, Lubmin, Pomerania, United States, Qatar