This aggression by the US against Iran is not only disrupting the oil sector but also severely impacting the gas market, with Europe bearing the brunt due to its recent shift in energy dependencies.
Since the war in Ukraine, Europe has overhauled its energy supply chain and increased reliance on LNG imports.
Currently, after the winter season, European gas storage levels are markedly lower than the multi-year average.
In Germany, storage facilities stood at 21.6 percent full on March 10, significantly below the five-year average of 43 percent.
Meanwhile, Asian buyers are worsening the gas market strain through urgent acquisitions.
Over recent days, at least four LNG tankers originally bound for Europe have been redirected to Asia.
These volumes are substantial: "A standard-sized LNG tanker can transport liquefied natural gas worth 70 to 90 million euros," explains East Asia correspondent Martin Kölling in the podcast.
Nations such as China, Japan, and South Korea heavily depend on LNG but possess restricted storage options, heightening their panic buying.
Japan is now operating as a global gas trader, leveraging surplus reserves to capitalize on price swings.
"In these times of crisis, we must prepare for a highly volatile market where ships can be rerouted multiple times because buyers are outbidding each other," said Kölling.