The Middle East conflict has left the global LNG industry scarred, with increased uncertainty over the reliability and affordability of the fuel. LNG prices have risen by over 80% since the U.S. and Israel launched strikes on Iran on February 28, which closed the Strait of Hormuz. The International Gas Union, which has more than 140 members worldwide, represents over 90% of the world's gas market. The conflict has also damaged confidence in Gulf suppliers and left poorer importers exposed. The reputational impact on Qatar is particularly sensitive, as its reputation as a reliable source of energy is crucial for Asian energy security.