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Iran faces dollar pressure Europe gas issues
The European gas crisis, following a reduction in Russian supplies, has demonstrated that the continent has shifted from reliance on pipelines from the East to greater dependence on liquefied natural gas (LNG), with increased imports from new sources such as Norway, the United States, and Algeria. Despite efforts to diversify, market fragility remains, especially amid fluctuating prices that have exceeded €75 per megawatt-hour, and European gas inventories have fallen to about 62%. This poses risks of higher costs as winter approaches and the need for immediate purchases increases. On another front, Iran is facing economic pressure due to the devaluation of its currency and rising inflation, along with moves to sell oil to China through alternatives to the US dollar. This indirectly links the region’s oil and gas crises. Overall, despite diversification efforts, Europe remains vulnerable to disruptions passing through the Strait of Hormuz, a critical route in the global energy market, with impacts extending beyond the European market to industrial costs and heating expenses.
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