Europe is bracing for a supply crunch and a price shock as the Iran conflict drags on.
It diversified energy supplies, built LNG terminals and reduced its dependence on Russia.
Europe thought it had learned its lesson after the war in Ukraine.
But today it’s facing another energy shock.
And this time it may be even worse, as the war in Iran disrupts supply through the Strait of Hormuz.
It’s happening when EU gas reserves are unusually low.
That means Europe will be competing with Asia to fill its storage tanks, which might force the price of LNG even higher.
Electricity bills are climbing.
Industry is under pressure.
Governments are stepping in to cushion the blow.