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LegislativeJun 11, 2026Updated Jun 21, 2026

Iran Conflict Disrupts Qatari LNG Flows; European and Asian Gas Prices Surge Up to 66%

DateJun 11, 2026

SourceCongress

BranchLegislative

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Executive Summary

U.S./Israel military operations against Iran beginning February 2026 triggered Iranian strikes on Qatari LNG infrastructure and raised Strait of Hormuz closure risks, driving European and Asian natural gas futures up 44% and 66%, respectively, between February and May 2026. U.S. domestic prices remained largely insulated due to the regional nature of natural gas markets and rising domestic production, though Congress is weighing export-restriction policies that could carry unintended long-term price consequences.

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