A laden Qatari liquefied natural gas (LNG) carrier, the Al Rekayyat, was hit by a projectile near the Omani coast as it exited the Strait of Hormuz on Tuesday morning, July 7, 2026. This incident has heightened unease among shipowners and is seen as a test of a recent US-Iran agreement aimed at halting attacks in the critical waterway. The vessel, owned by Qatar’s state-owned shipping company Nakilat, is the first LNG tanker from Qatar to come under attack since the war began, marking a significant setback for Qatar's efforts to revive exports after months of near-paralysis. The attack, classified as either a drone or missile strike, resulted in a fire, with all crew safely evacuated. The LNG tanks remain intact, but the vessel is at risk of exploding if further attacked, according to industry sources. Qatar’s foreign ministry has summoned Iran’s deputy ambassador and stated that Iran bears full legal responsibility for the attack.
The attack led to an immediate market reaction, with European gas prices climbing as much as 6%, while Brent crude futures also ticked higher. This comes despite recent declines in oil prices due to expectations of increased transit through the strait. The US Navy-led Joint Maritime Information Center has raised the threat level for transiting the Strait of Hormuz to "severe" from "substantial" following this incident and reports of two other attacks, including damage to a Saudi oil tanker. Industry experts note that while traffic through the strait remains operational, it is fragmented as shipowners adopt different routing strategies based on individual risk assessments.
In a related development, another Qatari LNG tanker, the Al Areesh, was reportedly held near Oman by Iran after clearing Hormuz on Thursday, July 9, 2026. This vessel, which had loaded at Qatar’s Ras Laffan terminal, was destined for Pakistan, a country heavily reliant on Qatari LNG for its power plants. Pakistan's government had appealed to Iran to ensure the cargo's passage, highlighting the critical nature of these shipments for its energy supply. QatarEnergy, one of the world's largest LNG producers, had earlier invoked force majeure on shipments to European and Asian customers, signaling significant risk to its export schedule. The company estimates that damage to its Ras Laffan LNG complex could result in roughly $20 billion in annual lost revenue and require up to five years for repairs. Buyers in Asia and Europe are also demanding price reductions due to increased insurance costs stemming from the ongoing hostilities in the Persian Gulf.
