A widening Middle East conflict looks set to create the most significant disruption for gas markets since Russia¡¯s invasion of Ukraine upended global trade four years ago.
Iran¡¯s neighbors, like Qatar, are some of the world¡¯s most important suppliers, and the region is also a vital supply route, with 20% of liquefied natural gas exports traveling through the Strait of Hormuz, a crucial choke point for global energy.
LNG trade through the narrow waterway is now all but halted, according to ship-tracking data. Asian buyers ¡ª which take roughly a quarter of their LNG from Qatar, the world¡¯s second-largest exporter ¡ª have been calling suppliers to check if alternative cargoes are available, according to traders. Egypt, meanwhile, is trying to bring forward shipments after supplier Israel shuttered some fields.
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