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The IEA's quarterly gas report says the Middle East crisis has removed close to 20% of global LNG supply from the market since March, with Strait of Hormuz shipping disrupted. Gas prices in Asia and Europe reached their highest since January 2023, and the expected wave of new LNG supply is being pushed back.
Losing a fifth of LNG supply tightens global gas balances and raises energy costs for fertilizer and feed processing, which supports nitrogen and energy-linked feed input prices.
iea.orgApr 24, 2026After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
