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.