Hormuz, the chokepoint for 20 percent of the world's LNG and a fresh risk for Qatar's gas exports

According to the US Energy Information Administration, about 20 percent of the world's LNG (liquefied natural gas) passes through the Strait of Hormuz, most of it Qatar's exports from the Ras Laffan terminal, with no alternative sea route. As tanker attacks intensify and war-risk premiums spike in the strait, the risk to this vital gas artery has risen.

Market sensitivity to that risk has kept gas prices elevated in Asia (the JKM benchmark) and Europe: European natural gas rose above 62 euros this week, near its wartime peak. Unlike oil, liquefaction capacity elsewhere in the world is nearly maxed out, making lost cargoes hard to replace.