A laden Qatari liquefied natural gas (LNG) carrier, the Al Rekayyat, was struck by a projectile and suffered significant damage on Tuesday while exiting the Strait of Hormuz. The attack, which caused a fire in the vessel's engine room, is the first on a Qatari LNG ship since the start of the Iran conflict and immediately heightened concerns over the safety of the critical waterway, through which about a fifth of global LNG typically passes.
The event triggered a swift reaction in energy markets. European natural gas prices (Dutch TTF) jumped over 4% to above €46 per MWh, as traders weighed the risk of escalating disruptions to LNG shipments from Qatar, a major supplier to the continent. The attack tests a recent U.S.-Iran agreement aimed at securing passage and has already caused other LNG tankers in the region to alter their course, signaling growing unease among shippers.