Hormuz Disruption Reshapes Global LNG Trade: 20% of Supply Now Interruptible

Nearly seven months after Strait of Hormuz traffic collapsed, LNG exports from Qatar and UAE remain severely constrained, forcing buyers to treat ~20% of global LNG supply as interruptible. European and Asian buyers are diversifying away from Hormuz-dependent supply toward Canada, Mozambique, Indonesia, Papua New Guinea, and Argentina, signaling a structural shift in LNG contracting and pricing. The crisis is accelerating a permanent reconfiguration of global LNG trade routes and risk premiums.