A widening conflict in the Middle East is once again injecting instability into global energy markets. Earlier this month, attacks on infrastructure in the Gulf forced Qatar to pause operations at major LNG export facilities, tightening supply almost overnight. With tanker traffic disrupted through the Strait of Hormuz, a critical shipping route responsible for carrying roughly one‐fifth of the world’s oil and a significant share of global liquefied natural gas, European gas prices surged — underscoring how vulnerable the global energy system remains to geopolitical shocks.
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