Iran war threatens global gas shortage in just 10 days — FT
Qatar halts LNG exports due to the Strait of Hormuz blockade (photo: Getty Images)
The world is on the brink of a crisis as LNG supplies from the Gulf could sharply halt within 10 days, when the last tankers from the region are set to reach their ports, the Financial Times reports.
The media notes that Qatar, which produces a fifth of the world's LNG, has been forced to halt exports after Iran blocked the Strait of Hormuz.
Since then, the massive LNG plant in Ras Laffan has suffered enormous losses. This week, it was struck by Iranian missiles, sending gas prices soaring across Asia and Europe.
According to an analysis by independent brokerage Affinity, many LNG tankers that had been loaded in Qatar and the UAE were already en route to ports before the war began. This means some buyers are only now starting to feel the effects of the halted shipments.
FT reports that import-dependent economies will have to pay sky-high prices to compete for LNG supplies from the United States and other countries. Households and businesses may also be forced to cut consumption or switch to alternative fuels.
Many oil- and gas-poor Asian nations have already introduced measures to prevent shortages, such as a four-day workweek.
Strait of Hormuz situation
Following the US-Israeli strikes, Iran blocked the Strait of Hormuz and attacked civilian ships and energy infrastructure. This Strait is one of the world's key oil trade routes, as in 2025, about 13 million barrels, roughly 31% of seaborne shipments, passed through it daily.
Recently, US President Donald Trump issued an ultimatum to Iran, threatening to strike Iranian power plants if the Strait was not "fully opened" within 48 hours.
In addition, 22 countries issued a joint statement expressing their readiness to help ensure safe passage through the Strait.
