221. LNG – Hormuz – “Apocalypse Now” - Mar26

221. LNG – Hormuz – “Apocalypse Now” - Mar26

From Redefining Energy by Laurent Segalen and Gerard Reid

March 23, 2026 · 27 min

About this episode

The episode discusses the impact of the Middle East conflict on LNG markets and global energy supply.

Gerard and Laurent host Ira Joseph, a leading expert on gas and LNG markets at the Columbia Center on Global Energy, to explore how the Middle East conflict is reshaping the industry. In normal times, LNG supply is led by Qatar, the U.S., and Australia, with prices anchored to benchmarks like Henry Hub, TTF, and JKM. Before the war, markets were relatively well supplied, keeping prices stable. Three weeks into the conflict, that balance has shifted. Brent crude has climbed to about $110, European gas (TTF) to around $20/MMBtu, while U.S. Henry Hub remains near $3—highlighting growing regional divergence driven by infrastructure and trade flows. Two views have emerged: the White House sees a temporary disruption, while analysts like Jeff Currie and James Gutman argue this is a structural supply shock—captured by the idea that “you can’t print molecules.” The impact is uneven. Europe is highly exposed, Asia faces rising competition for cargoes, and emerging markets risk being priced out. The U.S. remains relatively insulated but increasingly vital as a supplier. Massive damage to key Gulf infrastructure such as South Pars and Ras Laffan will disrupt flows for months if not years…

People in this episode

Hosts: Gerard Reid, Laurent Segalen

Guest: Ira Joseph

Topics covered

  • LNG markets
  • Middle East conflict
  • energy supply
  • price volatility
  • infrastructure damage
  • energy security
  • renewable energy

Keywords

  • LNG
  • gas markets
  • energy prices
  • Brent crude
  • Henry Hub
  • TTF
  • supply shock
  • energy investment
  • renewables

Mentioned in this episode

Organizations: Columbia Center on Global Energy

Places: Qatar, U.S., Australia, Europe, Asia, Gulf, South Pars, Ras Laffan

More episodes of Redefining Energy

Explore listener stats, chart rankings, contacts and more on the Redefining Energy podcast page.