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It’s been a head-spinning day in the Iran war. Earlier today, following a temporary truce between Lebanon and Israel, Iran announced that the Strait of Hormuz would be...
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When the Iran War disrupted shipping through the Strait of Hormuz and tightened global gas balances, a familiar assumption quickly resurfaced: Russia, possessing the largest proven natural gas reserves in the world, would inevitably emerge as one of the principal beneficiaries.
The war in Iran is not just another energy shock. It is arriving at a moment when Europe is already under cumulative strain: a war on its eastern border, the lingering aftershocks of the 2022 energy crisis, industrial decline, political fragmentation, fiscal limits, and a widening debate over how much of its own security it must now provide.
Qatar is entering the world's next LNG expansion phase with a large share of uncontracted supply, and how it will navigate this phase is the central uncertainty in the LNG market.
