Global LNG Shock: Qatar Hit, Gas Prices Surge, India Faces Supply Risks

A major escalation in the Middle East has triggered a global energy shock after Israel struck Iran’s South Pars gas field and Iran retaliated by targeting Qatar’s Ras Laffan — the world’s largest LNG hub. With Ras Laffan accounting for nearly 20% of global LNG supply, the impact is already being felt across markets, with gas and oil prices surging sharply. For India, the stakes are particularly high. The country imports 100% of its LNG, with nearly 50% sourced from Qatar and over 70% from West Asia. Any prolonged disruption could hit energy security, raise input costs, and push inflation higher. With no strategic reserves for LNG and supply chains under pressure, this crisis could have long-term implications for global markets and emerging economies.