The escalation of the conflict in the Middle East is poised to cause a significant disruption in the global natural gas market, reminiscent of the turmoil that followed Russia's invasion of Ukraine in 2022, which violently overturned international energy trade. With the Strait of Hormuz effectively closed and LNG shipping almost suspended, markets are bracing for a new wave of volatility, this time centered around the Persian Gulf. Approximately 20% of the world's liquefied natural gas (LNG) exports pass through the Strait of Hormuz daily, making the region critical for major global producers like Qatar, which is the second-largest LNG exporter worldwide and heavily relies on this passage to deliver cargoes to Asia and Europe.