Prices are well below the records reached during the energy crisis, currently near €50 a megawatt-hour, compared to an all-time peak above €300 a megawatt-hour. Still, ship traffic in the Strait of Hormuz has ground to a near-complete halt, prompting dozens of fully laden oil and gas tankers to stay hunkered down within the Persian Gulf. The route normally accounting for about a fifth of the world’s LNG supplies.