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Europe enters winter with record-low gas reserves
Iran-related conflict has blocked shipping through the Strait of Hormuz and halted significant Qatari LNG supplies, while an attack on Saudi Arabia's East-West Pipeline — which transports 4–5 million barrels of oil daily — has deepened the crisis. Europe is entering the heating season with record-low gas reserves for this time of year, raising pressure on fuel prices, industry and households. This is the continent's second major energy shock since losing Russian gas.
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