Europe’s race to refill natural-gas stockpiles has become increasingly challenging as the Iran war drives up prices, making it less profitable for traders to buy and store the fuel ahead of winter.

The conflict has severely disrupted flows through the Strait of Hormuz, which used to carry around 20% of global liquefied natural gas flows, while Iranian attacks have wiped out 17% of Qatar’s LNG export capacity. European gas prices have jumped more than 70% since the war started.