02/03/2026 – Middle East: conflict breaks out between Israel and Iran, with direct involvement from the United States. Commodity markets observe the first restrictions on flows through the Strait of Hormuz – Read more news

GAS & POWER: The disruption of flows through the Strait of Hormuz is impacting markets this morning, which are wondering about the possible duration of the ongoing conflict. The first player affected is obviously Qatar, the world's second largest exporter of LNG with over 100 billion cubic meters per year, of which over 65% is destined for Asia. Last January, an average of about 3 shipments per day left the Ras Laffan terminal, according to Reuters data, for total daily volumes of about 100 million cubic meters.

In addition to liquefied gas interruptions, operators are also closely monitoring pipeline supplies directly involving Iran and Israel. The two countries supply Turkey and Egypt with volumes of approximately 25 million cubic meters per day, respectively. As it did last summer, Israel has already announced a halt to supplies to Cairo, while no communication has been received regarding Iranian volumes. Turkey and Egypt are expected to compensate for the shortfall with approximately two additional LNG ships for every ten days of stoppage.