When Iran struck Qatar's Ras Laffan complex in March and knocked out 17% of the country's LNG export capacity, the trade seemed pretty straightforward. Buy the American exporters, sit back and wait for Europe and Asia to come knocking for cargoes that didn't need to sail through the Strait of Hormuz. Cheniere did exactly what everyone expected it to do, shipping more LNG than it did a year ago and raising its 2026 guidance for the second quarter in a row. Nearly seven months into the war, the strait is still a mess. QatarEnergy just extended force…
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