IEA says Iran war will keep the natural gas market tight for two years

MoneyWatch IEA says Iran war will keep the global natural gas market tight for two years .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Megan Cerullo Megan Cerullo Reporter, MoneyWatch Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting. Read Full Bio Megan Cerullo April 24, 2026 / 1:39 PM EDT / CBS News Add CBS News on Google The implications of the Iran war on energy markets will extend well beyond this year, according to a new report from the International Energy Agency (IEA) on Friday. The conflict in the Middle East, now in its second month, is expected to crimp global natural gas supplies for two years as damage to liquefied natural gas (LNG) facilities in Qatar disrupts supply, the IEA predicts. The war has closed the Strait of Hormuz, effectively cutting off one-fifth of global oil and LNG supplies. IEA head Fatih Birol on Tuesday called the disruption "the biggest crisis in history" in an interview with France Inter radio.Iranian strikes on Ras Laffan Industrial City, a liquefied natural gas export terminal in Qatar, last month reduced its LNG capacity by 17%, Qatar's energy minister said. It could take up to five years to repair the damage, the energy minister added.  "Beyond the immediate disruption, the crisis is expected to have implications for the medium-term outlook. Damage to LNG liquefaction infrastructure in Qatar is set to reduce projected supply growth and delay the impact of the anticipated global LNG expansion wave by at least two years," the IEA said in its quarterly report on Friday. Short-term supply losses, combined with slower capacity growth, could lead to a cumulative loss of 120 billion cubic meters of LNG supply through 2030, the agency estimates. "While new liquefaction projec...