Jared Yates Sexton on the worldwide energy crisis caused by Trump's wars on Iran (and The Pope) - FIVE MINUTE NEWS

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2. IEA - Gas Market Report, Q2-2026

IEA (2026), Gas Market Report, Q2-2026, IEA, Paris https://www.iea.org/reports/gas-market-report-q2-2026, Licence: CC BY 4.0

About this report
This edition of the IEA's quarterly Gas Market Report provides a comprehensive review of developments during the 2025/26 heating season and a special spotlight on the effects of the war in the Middle East on international gas markets. Amid the major supply shock caused by the disruptions to shipping through the Strait of Hormuz and attacks on regional energy infrastructure, it examines the conflict’s implications for gas supply and demand at both the regional and global levels. The report also analyses the consequences for storage, shipping and prices – providing critical insights on evolving market trends.

The loss of nearly 20% of global liquefied natural gas (LNG) supply due to the effective closure of the strait is distorting short-term gas market fundamentals, while damage from attacks on LNG liquefaction facilities in the Middle East is altering the medium-term outlook. The conflict is now expected to delay a significant amount of new LNG capacity that had been on track to come online in the second half of this decade. While gas producers are making efforts to increase supply, the demand side is set to play a key role in balancing the market – particularly in Asia, where fuel switching is already picking up alongside energy-saving measures.

The current energy crisis highlights the need to further strengthen the architecture of global gas supply security. The International Energy Agency (IEA) continues to support this process, including through the permanent Working Party on Natural Gas and Sustainable Gases Security (GWP).

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