Europe enters winter with an energy crisis: Prices increased by 140 percent

European Union natural gas storage levels have fallen to their lowest point since 2011 as the bloc heads into winter, with gas prices surging 140% following the closure of the Strait of Hormuz. EU member states have failed to reach a common agreement on measures to curb energy costs, leaving the bloc without a unified response as the heating season begins. The combination of depleted reserves and a key supply route disruption raises the risk of another winter energy crunch and higher bills for households and industry. What to watch next is whether EU governments can break the deadlock on joint measures such as coordinated purchasing or price caps before temperatures drop further.