Europe’s energy crisis is accelerating. After Iran’s Islamic Revolutionary Guard Corps (IRGC) announced the closure of the Strait of Hormuz, European gas prices skyrocketed to $785 per 1,000 cubic meters on Tuesday, March 3rd, with Dutch TTF futures surging 45% in a single session. Brent crude jumped, LNG markets tightened, and panic buying returned to global energy markets.
Now, the European Union is reportedly considering inspections of the Druzhba pipeline as the reality sinks in: Europe may need Russian gas to survive. With Ukraine’s Volodymyr Zelenskyy blocking flows and Middle East supplies under threat following the US-Israel strike on Iran, Europe’s energy security strategy is unraveling fast.
In this video, I break down the Hormuz crisis, QatarEnergy’s LNG suspension, emergency oil reserves, and what this means for inflation, recession risks, and the EU’s 2027 Russian gas phase-out plan. Featuring insights from Dr. Michael Hudson.
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