Europe and much of Asia are preparing for a potential winter energy crisis as the ongoing Iran conflict continues to disrupt global natural gas supplies. Analysts warn that reduced LNG availability, damage to Qatar's export infrastructure, and disruptions in the Strait of Hormuz could tighten global energy markets just months before peak heating demand. According to energy consultancy Wood Mackenzie, Europe's gas storage levels remain well below the target needed for winter, while Asian importers face growing competition for limited LNG cargoes. European natural gas prices have already surged, raising concerns over higher household energy bills, industrial costs, and possible gas rationing if supply conditions worsen.

Iran War Triggers Global Energy Crisis | Europe & Asia Face Winter Gas Shortage | LNG Supply Crunch 

Europe’s energy market is facing renewed pressure as gas prices surge amid an intense global LNG competition. European LNG futures climbed to around 62 euros per megawatt-hour, reaching their highest level since earlier market turbulence triggered by the Iran-Israel conflict. Prices have jumped nearly 50% from June levels, when they were trading in the 40–42 euro range.

Economic gloom hits UK's Gen Z | World Business Watch 

European gas prices are flashing red again. LNG futures touched 62 euros, or about 70 dollars, per megawatt-hour on July 22nd, the highest since the Iran-Israel conflict rattled markets earlier this year. It is up nearly 50 percent from June's 40-42 euros range. The reason isn't a new supply shock. It's a bidding war Europe is losing.

Europe Loses LNG Bidding War to Asia | World Business Watch 