Qatar LNG Exports Plunge 96% as U.S.-Iran War Disrupts Gulf Trade

Six months into the U.S.-Iran war, Qatar has emerged as one of the conflict's biggest economic casualties, with its liquefied natural gas exports collapsing by 96 percent as the fighting severely disrupts energy shipments through the Strait of Hormuz. The sharp decline has cost the Gulf state an estimated $24 billion in lost gas sales, according to Reuters calculations based on 2025 data, an amount equivalent to roughly five months of the country's typical income.

The collapse in exports stems from the de facto closure of the Strait of Hormuz, a critical chokepoint for global energy transit. Before the war began in late February, Qatar supplied approximately one-fifth of the world's daily LNG demand. However, data from energy intelligence firm ICIS shows the country has managed to ship only 18 LNG cargoes during the conflict period, compared with 509 cargoes over the same timeframe last year. Two Qatari LNG tankers have also been attacked during the hostilities.

Qatar's state-owned producer, QatarEnergy, has been forced to declare force majeure for up to five years on some long-term LNG contracts. The company expects damage to its Ras Laffan LNG complex, the world's single...