Gas Hits 2022 Highs as Qatar Reopens Hormuz LNG Route

For climate and energy readers, the story is not just about tankers — it is about what a militarized chokepoint does to the energy transition. With gas prices at their highest since 2022 and Hormuz flows still far below the roughly three-shipments-a-day pre-war norm, the scramble for winter supply threatens to push generators back toward coal. At the same time, the disruption strengthens the case for renewable generation and storage that never has to transit a contested strait.

Qatar has resumed sending liquefied natural gas tankers through the Strait of Hormuz at the highest rate in more than two months, dispatching at least four laden carriers through the waterway in the week to Sept. 24, 2026, while at least two vessels moved in the opposite direction into the Persian Gulf, according to ship-tracking data compiled by Bloomberg. The increase marks the most sustained Qatari LNG traffic through the strait since early July, when the country largely halted exports after one of its vessels was attacked. One of the newly dispatched cargoes arrived at India's west coast on Thursday, Sept. 24, confirming that physical deliveries to Asian buyers have restarted even as security risks persist.

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Qatar has resumed sending liquefied natural gas tankers through the Strait of Hormuz at the highest rate in more than two months, dispatching at least four laden carriers through the waterway in the week to Sept.

The scale of the resumption is modest but strategically significant. Before the war, the Strait of Hormuz carried roughly a fifth of global LNG supply — about three shipments a day. Current traffic remains far below that benchmark, yet even a partial reopening matters because European and Asian benchmark gas prices have surged to their highest levels since 2022 as winter demand builds. Every incremental Qatari cargo through Hormuz relieves marginal supply pressure, but the disruption has already embedded a substantial security premium into freight rates, insurance, and delivered prices that will not unwind quickly.

The operational detail in the data underscores how fragile the corridor remains. No signals were detected from five of the vessels while they transited Hormuz. AIS jamming and interference are common in the area, complicating efforts to verify ship locations and creating genuine commercial consequences: charterers, insurers, and buyers cannot fully track cargoes, which forces risk pricing higher and complicates compliance and financing for each voyage. Qatar also appears to be adapting a tactic borrowed from Persian Gulf oil producers known as shuttling — moving cargoes through the strait on one vessel before transferring them to another in the Gulf of Oman. But shuttling is far more difficult for LNG than for crude, because ship-to-ship transfer of a super-chilled fuel at roughly minus 162 degrees Celsius poses major technical and safety challenges. Instead, Qatar has been loading LNG onto available empty tankers inside the gulf and exporting some volumes to Kuwait, a maneuver aimed at managing storage and keeping parts of its production network running while export logistics remain constrained.

For global supply chains, the episode is a case study in chokepoint dependency and inventory management under duress. Hormuz has long been the single point of failure for a large slice of the world's energy trade, but the war has converted a theoretical vulnerability into a daily, priced reality. Qatar's willingness to resume transits while keeping AIS signals dark reflects a calculated trade-off between moving volume and masking movements from hostile observation. The arrival of a cargo at India's west coast is concrete evidence the corridor is partially reopening, but volumes remain far too small to meaningfully rebuild European storage or cap Asian spot prices before the peak heating season. For Asian importers such as India, South Korea, and Japan, the return of even a handful of Qatari cargoes offers modest relief, but they remain exposed to elevated spot prices and may accelerate efforts to diversify suppliers and secure long-term contracts whose routes avoid contested waters.