HOUSTON — The United States set a record for liquefied natural gas exports in March 2026 as a global shortage disrupted approximately 20% of global LNG trade. The shortage followed a U.S. naval blockade of Iranian ports in the Strait of Hormuz, which has kept LNG shipments through the strait blocked for more than six weeks since the war began.

Attacks early in the conflict hit LNG facilities operated by state-owned QatarEnergy, which produces about 20% of the global LNG supply. The disruption sent U.S. LNG prices in Asia and Europe to around $20 per million British thermal units, according to energy analyst Ira Joseph, while U.S. producers purchased natural gas domestically at about $3 per million British thermal units to produce those exports.

"We have a shortage of natural gas. Where is that natural gas gonna come from? It's gonna come from continued ramps, continued investments to grow United States LNG exports," U.S. Secretary of Energy Chris Wright said at CERAWeek, an annual industry conference in Houston, in March 2026. Heads of U.S. LNG companies attended a reception at the conference, where chief executives from Cheniere Energy and Freeport LNG met in a VIP section.

Cheniere Energy Chief Commercial Officer Anatol Feygin said "The sudden shortage of LNG from the Strait of Hormuz is a 'guillotine issue.'" Feygin also said, "U.S. LNG continues to rise to the challenge of meeting market disruptions and the tragedy of war." In late March, Cheniere completed an expansion of its LNG export terminal near Corpus Christi, Texas. The company's stock price has risen about 10% since the war began.

Venture Global closed $8.6 billion in financing for phase 2 of an LNG project in Louisiana, slated to start delivering gas in 2027. The company's stock price has risen about 30% since the conflict started. Venture Global spokesperson Jess Szymanski wrote, "During a time of great global uncertainty driven by the ongoing conflict in the Middle East, the United States—and its liquefied natural gas exporters like Venture Global—continues to play a vital role in supporting energy security for allies around the world."

Despite the record export month, the U.S. faces infrastructure constraints. The country currently lacks sufficient gas pipelines and LNG terminals to support rapid expansion of exports, though several new export projects are under construction. U.S. LNG supply is forecast to grow by about 84% over the next five years, according to figures from S&P Global Energy.

The conflict's effects have extended beyond natural gas. The war has been accompanied by a sharp shortage of distillate fuels, including gasoil and jet fuel. Gulf oil producers are key suppliers of distillate fuels to Asian markets, and crude oil from the region is particularly suited to producing jet fuel and diesel and cannot easily be replaced by refining alternative grades. Distillate fuel prices in affected markets have risen by as much as 200%, with South Korea, Singapore, Taiwan, and Australia especially vulnerable to the supply constraints.