The resumption of the Iran conflict, including the effective closures of the Strait of Hormuz and now the Strait of Bab el-Mandeb has driven up natural gas prices, particularly in Europe and Asia. Asia accounts for nearly 90% of liquefied natural gas (LNG) shipments from key Middle East producers like Qatar and the UAE, while Europe imports 7-11% of its LNG imports from the region. European gas prices surged to four-month highs amid fears the US-Iran war will cause winter shortages. As The Guardian wrote, The Dutch natural gas benchmark briefly…