The Golden Pass LNG facility in Port Arthur, Texas
Hormuz crisis delivers tailwinds for US LNG
Disruptions to Qatari LNG exports have highlighted the risks of concentrated supply, potentially strengthening the long-term position of US exporters despite limited near-term flexibility
US LNG exporters could stand to gain in the long term from the Hormuz crisis, which has laid bare the risks of relying on a single maritime chokepoint for roughly one-fifth of global LNG supply. Qatar swiftly closed its LNG facilities on 4 March, days after the US began its war with Iran and Tehran subsequently blockaded the Strait of Hormuz, triggering the greatest global gas supply shock the market has faced since Russia invaded Ukraine in 2022. Iran subsequently pounded Qatar’s main Ras Laffan liquefaction hub with missiles on 18 March, with Doha confirming “significant damage” to the facilities. Two of Qatar’s 14 trains will remain offline for 3–5 years, according to Qatari Energy Minist
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20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
20 March 2026
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
20 March 2026
Disruptions to Qatari LNG exports have highlighted the risks of concentrated supply, potentially strengthening the long-term position of US exporters despite limited near-term flexibility
20 March 2026
The extent of the US-Israel war with Iran means there will be no going back to the previous market equilibrium no matter how the conflict ends
