When the Regulatory Tail Wags the Industry Dog, Again, in International Energy Regulation

The ongoing 2026 international energy crisis, following the Iran War that began on February 28, 2026, and the subsequent closing of the Strait of Hormuz, highlights the robustness of the North American natural gas industry. This industry remains insulated from the effects of foreign wars and ocean shipping disruptions, which have caused crude oil prices to soar. Year‐over‐year crude oil prices per barrel jumped from $60 to over $100 in May. Henry Hub US natural gas prices, however, remained lower—$2.63/MMBtu in May 2026 compared to $3.08/MMBtu in May 2025. But European natural gas prices swung wildly in March, almost doubling over 2025 prices before settling in early May 2026 at a level 20 percent above 2025 levels.