**Qatar’s LNG exports have collapsed by 96% over six months of the US-Iran war**, [Reuters](https://www.reuters.com/business/energy/war-strands-qatari-gas-6-months-us-sales-rise-european-stocks-plummet-2026-08-26/) reports, as the blockade of the Strait of Hormuz has largely stranded the Gulf state’s gas shipments. Qatar exported just 18 LNG cargoes during the period, down from 509 a year earlier, according to ICIS data.

Reuters calculates that Qatar has lost around $24 billion in gas sales — equivalent to roughly five months of national income based on 2025 figures. Before the war, Qatar supplied about one-fifth of the world’s daily LNG, while increased US exports have partially compensated for the missing volumes.

Meanwhile, European gas storage has fallen to a historic low for this time of year, leaving the continent increasingly exposed to sharp price increases.

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