Qatar's Ras Laffan LNG plant hits longest shipping halt since 2008
Business
Qatar's Ras Laffan, the world's biggest LNG export plant, just hit its longest shipping halt since 2008, five days and counting.
The stoppage follows recent US and Israeli strikes on Iran, after which no LNG ship was reported to have traversed the Strait of Hormuz.
Gas prices in Europe, Asia already rising
This pause is already pushing up gas prices in Europe and Asia.
Since Qatar supplies nearly 20% of the world's LNG, countries are now scrambling for alternatives or cutting back on things like fertilizer production.
If the halt drags on, it could lead to shortages, especially in cash-strapped emerging economies.