TotalEnergies CEO predicts 'very high' LNG prices by summer if Strait of Hormuz not reopened

TotalEnergies chief Patrick Pouyanne said on Monday that he expected "very high" prices of liquefied natural gas (LNG) by the summer if the Strait of Hormuz, closed by Iran due to the war, was not reopened.

"If the Strait of Hormuz is not open again, I can predict a very high price for LNG by summer and September, when we are refilling the gas storage in Europe," the French executive said at the annual CERAWeek energy conference in Houston.

"The consequence is not only high energy prices, it would damage also other economies, for example, supply chain."