Hormuz Closure Keeps Gas Prices High: Uniper Sees No Relief Until Shipping Route Reopens

Uniper's CEO, Michael Lewis, warned that gas prices will remain high until the Strait of Hormuz reopens to shipping. The strait is a key route for the transport of liquefied natural gas (LNG).

The current closure has caused gas prices to spike, making it more expensive to store fuel rather than sell it.

Germans' gas caverns are currently 48% full, down from 64% last year and below the EU average of 59%. This raises concerns that storage facilities may not be filled to a safe level by November.