Escalation in Iran triggers the biggest crisis in the global gas market since 2022
Kyiv • UNN
The conflict in the Middle East threatens the stability of global energy markets, as the Strait of Hormuz, through which 20% of the world's LNG exports pass, is blocked. This leads to a halt in tanker traffic and a critical fuel shortage.
The large-scale conflict in the Middle East has jeopardized the stability of global energy markets, creating risks comparable to the upheavals of four years ago. As the Strait of Hormuz is a route for 20% of the world's liquefied natural gas (LNG) exports, the de facto halt of tanker traffic through this waterway threatens a critical fuel shortage. This was reported by Bloomberg, writes UNN.
Details
Major Asian importers, including China and India, have already begun an urgent search for alternative suppliers, as Qatari exports, vital for the region, have been blocked due to military actions.
According to vessel tracking systems, LNG trade through the strategic strait has virtually ceased: at least eleven tankers heading to or from Qatar have changed course or anchored in safe waters. Japanese shipping giants such as Nippon Yusen and Mitsui OSK Lines have officially ordered their vessels to avoid the dangerous area.
The situation is complicated by the fact that there is no alternative delivery route to global consumers for Qatari gas, the export volume of which in 2025 amounted to more than 82 million tons.
Asia's vulnerability and rising energy prices
Asia is most vulnerable to the consequences of the crisis, as it receives about a quarter of its gas from Qatar. Traders predict a rapid increase in spot prices, which is reinforced by the rising price of Brent oil, to which long-term gas contracts are tied.
"There is no substitute," researchers at the Center for Global Energy Policy state, emphasizing that prolonged disruptions will force Qatar to cut production at the Ras Laffan plants, which will only deepen the global deficit and hit the economies of countries dependent on stable gas supplies.
New points of tension in Turkey and Egypt
The conflict has created additional pressure on Turkey and Egypt, which have been forced to seek alternatives to pipeline gas and their own fields. Turkey, which imports significant volumes of fuel from Iran, may face a halt in supplies under a contract for 9.6 billion cubic meters per year, which will force it to enter the oversaturated LNG market as a buyer.
A similar situation exists in Egypt, where the shutdown of Israeli fields has led to the need for emergency imports of sea cargo, which further stimulates the growth of world gas prices.