Liquefied natural gas (LNG) tankers originally slated to load cargo in Qatar or the United Arab Emirates are temporarily rerouting shipments to avoid the Strait of Hormuz, per Bloomberg Markets. At least 13 empty LNG vessels near the strategic chokepoint have diverted, per ship-tracking data, after U.S. and Israeli strikes on Iran triggered crossings to halt over the weekend.

Qatar, the world’s second-largest LNG exporter, relies on Hormuz to supply Asia and Europe. A prolonged closure could push Asian spot LNG prices to $25 per million British thermal units—a 130% surge from current levels, according to Goldman Sachs. Leslie Palti-Guzman, founder of Energy Vista, warned that traders face “uncharted territory,” with disruptions likely persisting for days. Risk premiums for insuring Hormuz-bound ships have surged as geopolitical volatility intensifies.