Episode Details

The Iran conflict is exacerbating energy market turmoil, particularly for natural gas. Despite attacks on the Strait of Hormuz affecting both oil and gas shipments, gas prices have surged more dramatically since February 28th. Asian LNG is up 143%, European benchmarks by 85%, while Brent crude has only risen by 55%. Gas supply chains are more vulnerable due to complex liquefaction plants and storage challenges. This comes as gas demand has outpaced oil growth by double over the past decade, driven by shifts from coal in Asia, Africa, and the Middle East. Iranian strikes have crippled Qatars export capacity, the worlds second-largest LNG supplier. Consumers are now exploring alternatives like solar panels and batteries, while turbine costs escalate. The U.S. is dominating new gas capacity plans, leaving price-sensitive markets like India to rely on coal and refining. Oil can reroute via pipelines, but gas lacks such options, locking in higher costs and accelerating the shift away from it, even if fighting ceases soon.

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