The International Energy Agency said disruptions to shipping through the Strait of Hormuz have removed about 20% of global liquefied natural gas (LNG) supply from the market, triggering sharp price increases.

In its quarterly gas market report, the agency noted that shipping disruptions since early March have created unprecedented uncertainty in global energy markets.

The report highlighted that the supply shock has significantly impacted major importing regions, leading to notable price spikes.

It added that the conflict in the Middle East has dramatically altered global gas market outlooks, disrupting fundamentals and delaying expected new LNG supply.