The Iran crisis may lead to the most serious turmoil in the global natural gas market since 2022.

The ongoing escalation of the Middle East conflict has posed the most serious disruption to the natural gas market since the Russia-Ukraine conflict. Countries like Qatar and other Iran neighbors are the most important energy producers globally, and the region is also a critical supply route. 20% of global liquefied natural gas exports pass through the Strait of Hormuz. Ship tracking data shows that liquefied natural gas trade through this narrow waterway has nearly come to a halt. Approximately a quarter of Asian buyers of liquefied natural gas purchase from Qatar, and traders have revealed that these buyers are now reaching out to suppliers to confirm if there are alternative sources. Meanwhile, with Israel shutting down some gas fields, Egypt is attempting to expedite deliveries. Tom Marzec-Manser, the Director of European Gas and Liquefied Natural Gas at Wood Mackenzie, stated, "Any military activity in the Strait of Hormuz, as well as any developments in Qatar's liquefied natural gas production, will greatly boost bullish sentiment in the market."