Author’s Note This report was researched, modeled, and substantially written before the late-February/early-March 2026 disruption and de facto closure of the Strait of Hormuz. As a result, the quantitative baselines and scenario assumptions presented below should be read as a pre-disruption assessment of Europe’s liquefied natural gas (LNG) portfolio options for 2026–2030. The closure of the Strait of Hormuz has materially changed the near-term LNG market context.