Iran Crisis Threatens Worst Global Gas Market Disruption Since Russia's 2022 Ukraine Invasion

Bloomberg reported that the Iran conflict is set to create the most significant disruption to global gas markets since Russia's 2022 invasion of Ukraine. LNG trade through the Strait of Hormuz — through which 20% of global LNG exports transit — has all but halted, with at least 11 LNG tankers bound to or from Qatar pausing voyages. Major Japanese LNG shipowners Nippon Yusen and Mitsui OSK Lines instructed vessels to avoid the area. Asian buyers scrambled for alternative cargoes. Analysts warned that if Qatar's LNG production units shut down due to lack of tanker departures, prices could spike sharply and Europe, with low gas storage, faces acute vulnerability.