War in Iran has pushed global natural‑gas supplies into a prolonged shortfall, the International Energy Agency warned on Tuesday. Damage to pipelines and processing facilities across the Middle East has choked a region that traditionally feeds Europe and Asia. Analysts expect the squeeze to persist well beyond 2024, keeping spot prices elevated and prompting buyers to lock in contracts early.

Europe’s reliance on Middle‑East gas surged after Russian supplies fell, leaving utilities scrambling for alternatives. With Iranian output curtailed, liquefied natural‑gas imports from the United States and Qatar have risen, but capacity constraints limit rapid scaling. Traders cite the conflict as a key driver of the current tight market, forcing refiners to re‑evaluate hedging strategies and inventory buffers.

Energy‑intensive manufacturers are already feeling the pinch, reporting higher input costs and exploring efficiency upgrades. Governments in Europe and Asia are reviewing strategic reserves, while some Asian importers consider diversifying toward African fields less exposed to the hostilities. The IEA’s outlook leaves little room for optimism: the gas market will stay constrained for at least two more years, shaping pricing and investment decisions today.