European natural gas prices have surged by over 50%. Analysts say that extending imports from Russia is "extremely unlikely".

The Middle East conflict earlier this week pushed European natural gas prices to their highest level since 2023, putting Europe in an energy crisis once again four years after the Russia-Ukraine conflict erupted. The shipping in the key canal of the Strait of Hormuz has almost come to a standstill, and Iran's attack on Qatar has forced the world's second-largest liquefied natural gas supplier to halt production. Since Friday last week, European natural gas prices have risen by 53%. Energy expert Henning Gloystein from Eurasia Group said, "This is a double blow. Europe has just recovered from the industrial energy crisis, and now faces a new crisis." Europe only receives about 10% of its liquefied natural gas from Qatar. But if competition from other sources continues to push prices higher, inflation could rise significantly, dampening economic growth, especially in countries more dependent on imported liquefied natural gas like Italy and Germany. Some analysts speculate that an extreme option to enhance European natural gas supply is to extend imports from Russia. The EU originally planned to gradually ban imports of Russian liquefied natural gas from April, starting with short-term contracts and covering all contracts by the end of the year. However, analysis firm Rystad said this proposal would be politically controversial and likely to face opposition from the US. Since the decrease in Russian supply, US exports of liquefied natural gas to Europe have significantly increased, making this proposal "highly unlikely to materialize".