EU weighs emergency energy cuts as Hormuz crisis drives gas prices higher

European gas prices have surged and EU ministers are due to discuss curbs on energy consumption as Hormuz Strait disruptions threaten winter supplies.

• Dutch TTF gas futures reached €87.66 per megawatt-hour on October 21, up 18.6% since the start of the month.
• EU energy ministers will meet October 29 to consider asking households and businesses to cut consumption, including reviving car-free Sundays.
• European gas reserves fell to 74% by October 20, the lowest level for this period since 2011, Gas Infrastructure Europe data show.
• The Irish EU presidency warned the crisis could last months in oil markets and years for gas supplies.