economy
March 2, 2026
Escalation on Middle East can lead to the biggest gas market crisis since 2022
As noted, 20% of global LNG supplies pass through the Strait of Hormuz, and after its closure, they were effectively blocked
TL;DR
- 20% of global LNG supplies pass through the Strait of Hormuz.
- Closure of the strait would block these supplies.
- Asian importers are seeking alternative LNG supply routes.
- Further escalation could cause the most significant gas market disruptions since the Ukraine conflict.
- Iran has warned of closing the Strait of Hormuz if attacked.
- If closed, Brent crude oil prices could jump by nearly a third, exceeding $90 per barrel.
- Conflicting reports exist regarding the strait's current openness to oil tankers.
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