The Iran war is set to make global liquefied natural gas (LNG) importers spend at least 39 billion dollars more in 2026, even as they buy 60.7 million tonnes less, as Qatari and Emirati exports are disrupted through the Strait of Hormuz, Rystad Energy estimates.

Europe takes the biggest hit: its LNG bill rises at least 12 billion dollars, or 18%, even with demand falling 24 million tonnes.