Attacks on shipping in the Red Sea by Yemen's Iranian-backed Houthi rebels are disrupting a key trade route for energy supplies to EuropeConflict in the Middle East is affecting a key energy lifeline for Europe. Last year, 12.9% of Europe's LNG went through the Red Sea from suppliers in the Middle East, mainly Qatar. That means “an extended shut-in of the Red Sea route from the Middle East poses a supply risk to Europe,” said Kaushal Ramesh, vice president at Rystad Energy. So far, there's been little to no impact on natural gas prices. Europe is getting a break because demand for natural gas is weak amid a sluggish economy.

Source: ABC News February 07, 2024 12:55 UTC