Hormuz Reopening Won't Fix Global LNG Market

Energy leaders have cautioned that reopening the Strait of Hormuz will not be a quick fix for global liquefied natural gas (LNG) markets. Speaking at the Gastech 2026 conference in Bangkok, Thailand, top executives emphasized that resolving the current crisis would take time and effort. The Strait of Hormuz is a critical waterway through which LNG tankers transit.

Peter Clarke, senior vice president of ExxonMobil upstream's LNG business, noted that while opening the strait would provide some relief, it would not address the underlying issues driving global LNG prices.

The Gastech event brought together industry leaders to discuss pressing issues in the energy sector. The Strait of Hormuz has been a point of contention between Iran and Saudi Arabia, with tensions flaring up recently. This has led to increased costs for LNG producers and consumers.