The war in the Middle East has triggered a major helium supply disruption, cutting off roughly a third of global supply from Qatar. This shortage has created a windfall for some industrial gas suppliers while pressuring others. Air Products and Chemicals stands out as the biggest beneficiary, with its shares rising 5.4% in March as spot prices more than doubled.

Air Liquide faces the toughest challenge, relying on Qatar for up to 75% of its helium supply. The French company declared force majeure last month, telling customers it could only meet half their normal monthly demand while adding surcharges to contracts. In contrast, Linde and Air Products source more heavily from the U.S. and Algeria, providing better insulation from the Qatar disruption.

Market analysts see significant upside for Air Products, which generates 5-7% of revenue from helium compared to just 1-2% for Linde. The company also has greater exposure to spot markets and storage capacity in the U.S. Meanwhile, Air Liquide's German storage cavern holds close to a year's supply, potentially allowing it to weather the storm while spot prices remain elevated. The helium shortage underscores how geopolitical tensions can create winners and losers across the industrial gas sector.