European gas prices have surged nearly fifty percent since early March due to Middle East conflict disrupting LNG shipments through the Strait of Hormuz. TTF futures peaked at €56.4 per megawatt hour on March 9. HSBC now forecasts forty percent higher prices through 2027 as Europe competes with Asia for limited supplies. Storage levels stand at just 28.93% full, below last year's levels, heightening vulnerability.