The escalating Iran conflict is beginning to ripple through global energy markets — and the first impact may not be at fuel pumps but in industrial gas supplies. QatarEnergy has halted LNG production, invoking force majeure amid rising regional tensions. Since Qatar supplies nearly 40% of India’s LNG imports, the disruption could tighten India’s natural gas availability. Major companies like Petronet LNG and Gujarat Gas have already issued force majeure notices, while GAIL is reviewing potential supply cuts if LNG cargo availability declines. Industries such as fertilisers, city gas networks, and even household cooking gas could face pressure if the situation persists. Meanwhile, global oil markets remain volatile. Brent crude has swung sharply amid geopolitical uncertainty, and India’s crude basket has jumped from about $63 per barrel in January to nearly $83 now. With nearly half of India’s oil imports passing through the Strait of Hormuz, the conflict could reshape Asia’s energy landscape.