Europe could run short of gas this winter without an Iran deal to reopen Hormuz, the energy watchdog IEA warns
A US military vessel disabling a tanker in the Strait of Hormuz in July, as the IEA warns Europe's gas storage could fall below 10% of working capacity by April 2027 if the strait remains closed through a colder-than-average winter.
Europe's gas storage had reached 75% capacity by late October, missing the EU's compulsory 80% threshold and touching a level not seen in over ten years. The IEA's quarterly gas report warns that reserves could fall below 10% of working capacity by April 2027 if the Strait of Hormuz stays closed and Europe endures a winter colder than average.
Damage to Gulf liquefaction facilities during the US-Iran war, combined with Hormuz disruptions cutting LNG deliveries, has left storage around 4% below the five-year average.
Iran's supreme leader Mojtaba Khamenei has cautioned that Tehran will fight with 'no geographical restrictions' should the US launch further strikes, casting doubt on any Hormuz settlement.
Germany, Europe's largest economy, missed its own legally mandated 70% storage target by 1 November, with facilities averaging just 61% full.
