Overview
- Iran’s shutdown of the Strait of Hormuz, a narrow channel that once carried a fifth of global liquefied natural gas and a third of crude, has choked tanker traffic and driven a roughly 98% jump in gas prices.
- QatarEnergy says strikes damaged the Ras Laffan liquefied natural gas hub and knocked out about 17% of exports, with repairs expected to take three to five years.
- Stock markets in energy-dependent Asian economies have fallen, with South Korea down 12%, Thailand down 10.7%, Vietnam down 8.8%, and Japan down 7.2%.
- Europe’s gas storage sits at about 28.9% as countries race to reach an EU target of 90% before winter, and Asian buyers are outbidding the region for diesel and LNG cargoes.
- The U.S. appears less exposed to shortages, and President Donald Trump told allies to “buy from the U.S.” as American LNG and crude attract competing bids.