Global exports of liquefied natural gas (LNG) have fallen to their lowest level in six months, as conflict in the Middle East disrupts gas flows, erasing recent supply additions from the United States and other regions. According to ship-tracking data, the 10-day moving average for LNG shipments has dropped by approximately 20% since the beginning of the month to 1.1 million tons, the lowest figure since last September. The data indicates the decline is primarily attributed to reduced exports from Qatar, followed by the United Arab Emirates. Both nations rely on the Strait of Hormuz to transport fuel to customers in Asia and Europe. The conflict involving Iran is escalating into a broader regional confrontation, with the potential to upend the LNG market. Earlier this month, Qatar was forced to shut down its LNG export facility at Ras Laffan—the world's largest such plant—following attacks by Iran. Subsequent attacks last week caused further damage to the facility, with two of its 14 production lines expected to require several years for repairs. Global LNG production had seen consistent growth over the past year, driven largely by new projects in the United States and Canada. However, the shutdown of Qatar's LNG operations and the effective closure of the Strait of Hormuz—a critical passageway handling roughly one-fifth of global LNG shipments—have offset this growth momentum.