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Weeks of War Are Reshaping Global Gas Market for Years to Come
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March 19, 2026
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6:00
5:12Now PlayingEach week the world’s largest liquefied natural gas plant remains shut, the world loses the equivalent of enough energy to power Sydney’s homes for an entire year.
Qatar’s Ras Laffan plant closed earlier this month after an Iranian drone attack, the first interruption to supply in three decades of operation. Now, after further hits — in retaliation for an Israeli strike on the vast South Pars fields on Wednesday — the wider complex has suffered what Qatar describes as extensive damage. Bloomberg's Salih Yilmaz breaks down the potential long term impact across the globe.
Three weeks of conflict in the Middle East have upended the entire energy supply chain. With the vital Strait of Hormuz all but closed, gasoline and jet fuel prices are surging, cooking gas shortages are triggering fistfights in India and farmers are fretting about diesel and fertilizer. But with virtually no spare capacity, no strategic reserves and no easy replacements, LNG may be one of the most acute pain points in an expanding crisis.
The longer this continues, the only solution is for the world to use less gas — and that’s a major setback for a fuel promoted by the industry as a reliable and affordable bridge from dirty coal to full reliance on renewable power. Without gas, power plants curtail output, fertilizer and textile factories shut. The ripple effect from a long-term shock could be even more significant than the 2022 energy crisis, when Russia’s invasion of Ukraine forced dramatic changes in global gas flows.
“We are now well on our way to a doomsday gas crisis scenario,” said Saul Kavonic, energy analyst at MST Marquee. “Even once the war ends, the disruption to LNG supply could last for months or even years — depending how long it takes to repair the damage.” Crude futures in the US erased earlier gains as volatility sent some traders to the sidelines, and as investors weighed comments from US President Donald Trump and Treasury Secretary Scott Bessent.
Speaking at the White House, Trump said he’s not putting troops anywhere, when asked about sending ground forces to the Middle East. Meanwhile, Bessent said it’s likely Iran’s regime will probably collapse within itself. While US spy chief Tulsi Gabbard acknowledged the US and Israel have different goals for their joint military campaign in Iran.
Traders are parsing every geopolitical headline for indications on how long the war will last and whether tensions will continue to escalate from here. Oil prices swung in yet another wide range during the day, with US crude spiking above $100 a barrel before easing to trade near $95. Brent rose above $119 before steadying near $109.
Traders pointed to extreme volatility curbing activity, with volumes trending lower. US crude futures for April delivery are set to expire on Friday, which also added to choppiness as traders roll their positions forward to the next month.
“Crude is on another roller coaster today,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Prices have retraced on de-escalation messaging. We’re seeing a clear pattern of strength during Asia hours and pullbacks in US trading as policymakers signal potential timelines and response options.”
Earlier, the price of oil and natural gas jumped as escalating attacks in the Persian Gulf caused long-term damage to major energy facilities.
European gas futures surged as much as 35% to more than double their pre-war level. Brent crude touched $119 a barrel, close to its highest since 2022, and European diesel futures topped $190 a barrel at one point, underscoring the wider inflationary risks from the conflict.
US crude prices surged above $100 a barrel briefly after news that the White House isn’t considering putting restrictions on the export of oil and gas.
An Iranian missile strike on the Ras Laffan complex in Qatar caused extensive damage to the world’s largest liquefied natural gas plant.
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