In its scenario analysis of how the Iran war could impact energy markets, Goldman laid out a section dedicated to nat gas, and specifically LNG, which like oil, is one of the commodities that is especially reliant on prompt passage through he Straits of Hormuz to reach its destination.  Specifically, unlike oil which Goldman calculated had already priced in substantial war risk premium, “European gas (TTF) and spot LNG (JKM) prices have embedded little-to-no risk premium until this past Friday” and so, the bank saw “significant upside risk to prices from a potential sustained disruption of LNG supply through the Strait of Hormuz. In a scenario where flows halt for one month, we think it is likely that TTF and JKM could approach 74 EUR/MWh ($25/mmBtu) — 130% above current levels — a threshold that triggered large natural gas demand responses during the 2022 European energy crisis.” Here we go again: Europe among most exposed to Hormuz, with Goldman warning of massive 130% upside risk for European (TTF) gas prices, potentially hitting 74 EUR/MWh, if LNG flows are blocked https://t.co/yD07qFkNk4 — zerohedge (@zerohedge) March 2, 2026 Below we excerpt the key sections from the must read report (especially to European energy traders as we will […]