Disrupted LNG shipments and dwindling reserves have raised fears of another European energy crisis

European natural gas prices have surged to their highest level in four years amid the Iran war and the EU’s continued push to phase out Russian energy, according to data from online aggregator Trading Economics.

On Monday, wholesale prices briefly surpassed €97 ($108) per megawatt-hour, reaching levels not seen since December 2022. The increase came as gas storage facilities in the EU were just 74.62% full as of October 25, well below seasonal averages.

Liquefied natural gas (LNG) shipments through the Strait of Hormuz, which accounted for around a fifth of global LNG trade before the start of the US-Israeli war against Iran earlier this year, remained around 80% below pre-conflict levels.

Some EU countries have already begun drawing on stored gas as temperatures drop.…