Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTOil & Gas 360Thu, June 25, 2026 at 11:30 PM GMT+2 4 min read(By Oil & Gas 360) – The reopening of the Strait of Hormuz has brought a measure of relief to global energy markets. Tankers are once again moving through the world's most important energy corridor, crude prices have retreated from their wartime highs, and traders have become increasingly optimistic that the worst of the disruption may be over.Hormuz's next chapter is about gas, not just oil - oil and gas 360That optimism is understandable, but it may also be premature.The market is beginning to discover that reopening a shipping lane is not the same as restoring confidence. The physical flow of oil and liquefied natural gas may be improving, but the risk premium created by months of disruption is likely to remain embedded throughout global energy markets long after the headlines fade.That matters because Hormuz is not simply an oil chokepoint. It is one of the world's most important natural gas corridors.Roughly one-fifth of globally traded LNG passes through the Strait, with Qatar, the world's second-largest LNG exporter, relying almost entirely on the Strait of Hormuz to reach customers in Asia and Europe. The United Arab Emirates also exports LNG through the corridor, while neighboring producers depend on the same maritime infrastructure for crude oil, condensates, and refined products.For LNG markets, reliability is often more important than price.Unlike oil, where global cargoes can be rerouted more easily, LNG trade depends on long-term contracts, specialized shipping fleets, regasification terminals, and seasonal demand patterns. Even modest shipping delays can ripple through supply chains, forcing utilities to compete for replacement cargoes while increasing regional price volatility.That is exactly what the market experienced during the Iran conflict.Asian spot LNG prices widened relative to Henry Hub natural gas as buyers competed for available cargoes. European benchmark prices also strengthened as importers sought to secure additional supply ahead of winter storage requirements. Freight costs increased, insurance premiums rose, and shipping schedules became increasingly unpredictable.The result was not simply higher prices.It was wider regional spreads.The premium between Atlantic Basin gas and Asian LNG widened as traders repriced geopolitical risk. Flexible cargoes became more valuable. Storage economics improved. Optionality became a commodity in itself.Those pricing relationships may not immediately return to pre-conflict norms.Markets remember disruption.Energy traders, utilities, and industrial consumers have been reminded that a significant portion of the world's LNG supply remains concentrated in one narrow waterway. That realization is likely to influence procurement strategies well beyond the current conflict.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info