Military tensions between the US, Israel and Iran have triggered a temporary closure of Qatar's LNG facilities, sending shockwaves through global gas markets. The Strait of Hormuz, through which 81 million tonnes of LNG passed last year, now faces disruption that could reshape energy flows across Europe and Asia.

European gas buyers, already grappling with storage levels 10 percent below seasonal norms, face renewed pressure as the conflict tightens supply. Benchmark European TTF gas prices spiked over 20 percent following QatarEnergy's announcement, climbing above $15 per million British thermal units. The disruption comes at a critical juncture, with winter storage depleted and Asian demand remaining subdued.

While Chinese LNG demand remains structurally weak, providing some price stability, the conflict's duration will determine market severity. The situation echoes the 2022 Russian gas curtailment to Europe, though analysts expect less extreme price spikes if the Strait closure proves temporary. Equinor stands to benefit from its European exposure, while ExxonMobil, Shell, TotalEnergies and ConocoPhillips face risks from their joint ventures with QatarEnergy. The military and diplomatic outcomes will ultimately dictate whether this represents a temporary market disruption or a fundamental shift in global gas trade flows.