The global map of liquefied natural gas (LNG), as well as that of raw materials, has been upside down for some time. First due to the war in Ukraine and the fact that Europe turned off the tap for this fuel from Russia. Now, the war in Iran has been added to this following the attack by the United States and Israel and the subsequent blockade of the Strait of Hormuz –through which between a quarter and a fifth of the world's crude oil and natural gas circulated–, as well as an escalation of tension in the Red Sea. The context has forced many countries to look for gas under rocks –metaphorically and literally– and to chart unimaginable, or at least unusual, maritime routes, to the point that during the first eight months of 2026 (between January and August) the port of Barcelona has seen 7,439 tons of LNG loaded from the regasification plant tanks bound for Thailand. Specifically to the port of Bangkok, according to data on LNG shipments, to which ARA has had access.

Oil prices continued to rise Tuesday afternoon due to the Gulf War, fueled by uncertainty surrounding the conflict, the closure of the Strait of Hormuz to shipping, and Iranian attacks on energy infrastructure in the region. Brent crude, the European benchmark, rose more than 4% Tuesday morning compared to the previous day, reaching $104.23 per barrel. However, by early afternoon, the price increase had moderated to 1.30%. Similarly, West Texas Intermediate (WTI) crude, the US benchmark, was up nearly 1.5% at the same time Tuesday afternoon, reaching $93.99 per barrel, while natural gas rose 1.40% to €51.60 per megawatt.

The war in the Middle East has rapidly driven up oil and natural gas prices, with one clear strategic geographic point becoming Iran's primary weapon: the Strait of Hormuz. This maritime passage carries approximately a quarter to a fifth of the world's crude oil and natural gas. Its closure by Iran, aside from disrupting global energy markets, directly impacts the region's economies, as they cannot sell the oil and gas they extract and, in some cases, have had to shut down their refineries and liquefaction plants. Furthermore, the closure of the Strait of Hormuz threatens shortages of crude oil, gas, and petroleum products in many countries, especially in the Asia-Pacific region, which are the largest buyers of products from producers on the Arabian Peninsula, as illustrated in the infographic.