Right now, in the first week of March 2026, Europe is facing an energy crisis that doesn't have a name yet. Not because it isn't big enough, but because it happened too fast. In the last 48 hours, two things went down simultaneously.
First, Iran struck the heart of Qatar's gas infrastructure—the largest LNG export facility on the planet. Production stopped.
The Strait of Hormuz, the hallway for 20% of the world's LNG, is now a closed war zone. Second, and this is the part that is just sinking in, Europe realized it accidentally cut off its own supply from Russia.