Donald Trump has once again backed down, at least temporarily. On Tuesday, April 21, the US president unilaterally extended the ceasefire with Iran, after Iran failed to send a delegation to Pakistan to meet with Vice President JD Vance’s team. In another era, news like that might have sent markets into a panic, especially in the gas sector. That is absolutely not the case now.
Gas prices in Europe hover around €42 per megawatt hour. That is, admittedly, twice as high as at the end of 2025, but four to five times lower than during the summer of 2022, after Russia invaded Ukraine. The current price level was regularly exceeded in 2023 and 2025. The gas shock feared at the start of the war in Iran has not materialized, much to the relief of the European economy.
It is paradoxical. Before the conflict, Qatar produced nearly 20% of the world’s liquified natural gas (LNG). Not only have its exports come to a halt as the Strait of Hormuz remains closed, but recovery looks set to be slow and difficult, with its massive liquefaction plant in Ras Laffan severely damaged.
The least bad moment
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